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A video explaining the unguarded automatic exclusion in jewelers blocks policy



See the full video at https://youtu.be/PzX8GMh_qNM [1965653] The purpose of the unattended automatic exclusions is twofold:

  • to limit what is called "moral danger" and
  • for to limit coverage in high-risk environments even when there is no moral hazard.

Moral risk refers to the effect of insurance that causes the insured to relax the care he takes to protect his property because the loss will be borne in whole or in part by the insurance company. Even if there was no moral hazard, an insurance company may want to exclude coverage in particularly risky situations. more precisely, the insured can agree to accept less coverage in exchange for a reduced premium.

Jewelers and their advisors must be aware that jewelers block the insurance, even though they still insure against almost all risks of physical loss, insurers will not take certain specific risks. Due to the risks associated with high value property, the jewelers' block policy contains a strict exception regarding theft losses from vehicles.

For example, a jeweler traveling with a box full of diamonds stops at a self-service gas station to fill his car with gasoline. He locks his car, leaves his bag in the car and walks fifty meters to the attendant to hand in his credit card. When he turns to return to his car, he sees a thief breaking the window of his car, snatching his bag and running away. The jeweler surely reports the theft to his jewelers. He is shocked to hear that the loss is not insured.


© 2020 – Barry Zalma

Barry Zalma, Esq., CFE, now limits his practice to employment as an insurance consultant specializing in insurance coverage, insurance claims settlement, insurance claims and insurance fraud almost equal for insurance policyholders. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance business. He is available at http://www.zalma.com and zalma@zalma.com.

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