In recent years, we’ve seen more and more ‘cash for gold’ advertisements flooding the media, and for good reason. About a decade ago, gold was $300 an ounce, yet last week the price of gold shot up to $1,900 an ounce, adding to the 21st century gold rush we’re experiencing.
Not only gold, but the value of platinum and other precious stones have also been steadily increased over the last decade
As a result, many insureds may be unaware of how much their jewelry is worth – or even how much jewelry they have acquired throughout the years. Carriers, agents and brokers need to stay on top of fluctuating market conditions such as this for two main reasons:
1.To present yourself as a knowledgeable and trustworthy person when it comes to insurance coverage
2.To make sure your customers are properly insured and demonstrate that you always have best interests in mind.
Such an approach provides opportunities to reach out to customers on a quarterly or yearly basis to make sure they are adequately covered.
Check out this recent article in Forbes that offers more tips and insights on how to make sure your customers aren’t underinsured when it comes to their jewelry.
What are some other market conditions that impact insurance coverage that you keep a close eye on?