The GEICO Insurance Agency in collaboration with Jewelers Mutual Insurance Group has rolled out a standalone jewellery insurance policy for customers.

The plan offers coverage for the entire value of a piece of jewellery or entire collection in the case of loss, damage or theft.

The coverage is expected costs approximately 1% to 2% of the item’s total value every year.

Through this new plan, GEICO intends to meet more specialised coverage need of jewellery owners as traditional homeowners or renters policies cover jewellery damage or loss only up to a certain limit.

The offering also gives customers the option to choose their own trusted jeweller for repairs, file fast and easy claims in case something happens.

The coverage, according to the company, that extends to global travel.

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GEICO (Government Employees Insurance Company) is the second-largest auto insurer in the US. Established in 1936, the company insures more than 28 million vehicles.

GEICO, a member of the Berkshire Hathaway family of companies, also offers homeowners, renters, condo, flood, identity theft and term life coverages.

Set up in 1913, Jewelers Mutual Insurance Group provides products and services to jewellery firms.