Glencar Insurance, part of Hannover Re, has received approval from the New York Department of Financial Services to launch a new personal inland marine insurance program offering stand-alone coverage for personal jewelry and watches. The program is effective immediately for both new and renewal business, marking Glencar’s entry into New York’s personal jewelry insurance market.

The product will be distributed through program administrator BriteCo and is positioned as an alternative to homeowners riders for consumers seeking dedicated coverage for high-value items. Coverage is written on an agreed value basis and includes endorsements addressing security requirements such as burglar alarms, home safes, and precautionary measures, alongside standard economic sanctions provisions. Policies are written on a 12-month term, with a minimum premium of $50 per policy.

BriteCo is targeting middle-market consumers, with a particular focus on Millennials purchasing engagement rings and other high-value items for the first time.

From a pricing and actuarial standpoint, Glencar’s proposed rates are largely benchmarked against established competitors, including Jewelers Mutual, JM Specialty, Berkley National Insurance Company (Lavalier program), Privileged Underwriters Reciprocal Exchange, and XL Specialty Insurance Company. Where direct comparability was limited, actuarial judgment was applied to determine final rates and relativities, with supporting exhibits included in the filing.

Jewelers Mutual was cited as the largest writer of stand-alone personal jewelry insurance, distributing primarily through direct online sales and jeweler referrals. Berkley National’s Lavalier program was referenced as a key middle-market comparator, with a digitally focused distribution model through a captive MGA. Both companies target middle-market and higher-value consumers across new purchases and existing jewelry schedules.

PURE and XL Specialty were cited as high-end market benchmarks. PURE is agent-distributed and typically among the lowest-priced options for affluent customers, while XL Specialty is also agent-distributed and generally positioned at the higher end of the pricing spectrum.

Glencar, formed in 2018, indicated that this filing represents its first step toward writing direct business in New York, with the company seeking to implement the program as soon as regulatory approval was granted.