Jeweller Block Insurance

Scope

The policy comprises four sections which are optional except for section I which is compulsory.

Section I : Covers loss or damage to jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Section II : Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.

Section III : Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.

Section IV : Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Highlights

This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds. Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises. Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.

Who can take the policy?

The policy can be taken by jewellers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias , brokers or pawn brokers etc.

How to select the sum insured?

The sum insured under Section I and II should represent the cost price of the jewellery items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident. The sum insured under Section IV should represent the market value of the property..

How to claim?

In case of any incident giving rise to a claim under the policy , the following steps should be taken :
1. Inform insurance company within 24 hrs.
2. In case of burglary,theft etc. inform police immediately and obtain FIR
3. Submit claim form and relevant documents to surveyor appointed by Insurance Co. to substantiate loss test.

1. Immediate notification of the loss to be given to Insurer.
2. Immediate intimation to the Police and filing a FIR ,in event of burglary / theft .
3. Submission of claim form giving description of loss and supporting documents.

1. Who can take this cover ?
This cover is designed to be taken by Jewellers for covering their stocks and property in premises.

2. Can other business dealing in Jewellery take this cover ?
Dimontaries and jewellery manufacturers can also take this cover.

3. How to decide the sum insured to be taken ?
Sum Insured can be taken as cost or Cost + 10 %

4. What is the coverage under the policy ?
The policy covers business Stocks of jewellery , cash, gold, diamonds etc.

5. Does the policy cover stocks only in premises ?
Subject to conditions, policy can be extended to cover stocks in transit and also when taken out for business purpose.

6. What are the risks covered ?
The policy broadly covers risks of Fire and allied perils, burglary ,transit losses etc and can be extended to cover some other accidental perils associated with jewellery business.