BriteCo drops max coverage caps for jewelry and watch insurance

BriteCo said Sept. 29 it will no longer cap insured value for individual jewelry and watch items or scheduled collections, subject to underwriting approval. The change opens the door to coverage for high-value pieces and million-dollar collections and removes earlier limits of $300,000 per item and $750,000 per collection.

Why it matters: - BriteCo’s change removes a major barrier for owners of luxury watches, rare gemstones, heirloom pieces and large collections. - The move expands access to specialized coverage for customers whose items previously exceeded published limits. - The program now allows coverage for jewelry and watches of any value, subject to underwriting review and approval.

What happened: - BriteCo announced on Sept. 29 that it is removing maximum insured-value limits for individual jewelry and watch items and for scheduled collections. - The company said it will consider applications for items and collections of any value. - The previous published limits were up to $300,000 for an individual item and $750,000 for a scheduled collection. - The announcement came from Evanston, Illinois.

The details: - BriteCo’s jewelry and watch insurance includes worldwide protection. - Covered risks include accidental loss, theft, damage and mysterious disappearance. - Standard policies include $0 deductibles. - Coverage can provide up to 125% of an item’s appraised value to help account for replacement-cost increases. - Each policy is reviewed individually by BriteCo’s underwriting team. - The company said the expanded limits are aimed at customers protecting a single engagement ring, a luxury watch or high-value and million-dollar collections. - BriteCo said customers can get an online quote in less than 60 seconds. - BriteCo’s specialized policies are backed by Glencar Insurance Company, an AM Best A+ rated carrier. - BriteCo coverage is available online, through thousands of independent insurance agents and through participating jewelry retailers. - Customers can learn more and check pricing at brite.co.

Between the lines: - The policy change signals a push to compete more directly for affluent buyers and serious collectors who need standalone coverage beyond homeowners or renters insurance. - BriteCo is positioning specialized jewelry insurance as scalable protection that can grow with a collection over time. - Founder and CEO Dustin Lemick said the company does not believe specialized insurance should stop at an arbitrary dollar amount.

What's next: - BriteCo will continue underwriting applications on a case-by-case basis for higher-value pieces and collections. - The company is likely to use the expanded limits to reach more luxury jewelry and watch owners. - BriteCo said the change is part of its broader effort to modernize how consumers insure jewelry and watches.

The bottom line: - BriteCo has removed a key cap on jewelry and watch coverage, making its standalone insurance more flexible for owners of valuable individual pieces and collections.