Covered property is valued at the lowest of the following at the time of loss or damage:
The property’s actual cash value
The reasonable costs to restore the property to the condition it was in just before the loss occurred
The cost to replace the property with similar property
The lowest value the insured had on the property in its stock books, stock papers, inventories or lists at the time of loss or damage
Keep in mind, while there are many coverage options available within the standard jewelers block plan, there are many exclusions on coverage as well. Speaking to an experienced broker at Clockwork Insurance will help you find the policy that best suits your business.