When valuable items such as fine art and jewellery collections are damaged or lost, there’s a need to establish their worth.
For retailers in this industry, sales levels often fluctuate as they deal with lower-volume but higher-value products. This means business interruption losses need to be calculated with care and diligence.
Prices of precious metals and gemstones fluctuate significantly over time thereby causing the value of stock held to vary at different points in time. In addition, portions of inventory for retailers are often held on approbation, so ownership, insurable interest, and verification of stock levels need special attention. For some retailers, their premises are a key component of their business, bringing a range of issues around temporary/permanent relocation, should that be required.