Evanston Insurtech Firm Removes Coverage Caps
BriteCo now offers insurance for high-value jewelry collections previously excluded from its policies.
Updated on Oct. 21, 2026 in Jewelry
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Evanston-based BriteCo officially removed its coverage caps in late September 2026. The shift allows the company to insure jewelry and watch collections of any value subject to a formal review process.
Why it matters
By eliminating previous limits, the firm aims to capture a broader customer base that holds high-value assets. This change enables the company to underwrite risk that was previously considered ineligible under its standard platform.
BriteCo previously capped coverage at $300,000 per item and $750,000 per collection. The company has raised approximately $11 million in total funding since its inception.
The players
BriteCo
An Evanston-based insurance technology firm that provides coverage for jewelry and watches.
Dustin Lemick
The founder of BriteCo who launched the company in 2017.
The details
The firm employs a proprietary pricing algorithm that calculates replacement values by analyzing specific data points such as stone weight, cut, and color grade. Higher-value assets are now evaluated using specialized fraud indicators and risk screening software.
Timeline
Late September 2026: BriteCo announced the removal of coverage caps.
2022: BriteCo raised $9 million in Series A funding.
2017: Dustin Lemick founded the insurance platform.
1950s: The family-run business Cy Frederics opened in Glenview.
Culture Shift
This move reflects the broader industry trend of insurance technology firms leveraging algorithmic assessment to expand beyond traditional coverage limits. It highlights a shift in the sector toward data-driven risk models that favor automated, high-value asset protection.
Owners of high-value jewelry and watch collections can now seek insurance quotes for pieces that previously exceeded standard policy limits. Residents should prepare for a review process that utilizes proprietary pricing and risk screening software.
The takeaway
Collectors of fine jewelry should ensure their documentation is updated, as insurers now use specific metrics like cut and color grade for customized pricing. This update expands coverage options but requires a more rigorous evaluation process for high-value items.
Further reading
Learn more about the evolving landscape of precious asset protection in our Jewelry section.
More information
To purchase coverage or review policy terms, visit the BriteCo direct insurance purchase portal.
Source note: This article includes information reported by Evanston RoundTable.
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