Jeweller Block Insurance Policy
Protect your valuable jewellery collection with a comprehensive jeweller block insurance policy.
If you lose an earring, a bracelet, or a necklace, you may worry about it for a few days and forget it. But, what if you own a small jewelry shop or a jewelry showroom and lose a huge chunk of ornaments due to burglary? Insure your jewellery premises and have worry-free nights at home.
The Jeweller’s Block Insurance Policy is formed to offer comprehensive cover for Jewellers/ Gemologist and Diamontaires (entities dealing solely with diamonds). This policy protects damage to valuables such as jewels, bullions, and cash against a number of factors such as fire; the details are which will be discussed in a minute.
Jewellers’ premises are broadly categorized into Class I, Class II, or Class III based on the kind of security provided for the premises. Discount in premium is available if the premises have exclusive protection things such as built-in vaults, strong rooms, closed-circuit TV, and armed guards.
The Jeweller’s Block Insurance Policy consists of four sections – Section 1, Section II, Section III, and Section IV. Out of these, the first section is compulsory while the rest are optional.
Section I: Within the Premises
Damage to the valuables such gold and silver ornaments or plates/bars, pearls, semi-precious and precious stones, and currency bills kept or lying in the premises insured by:
1. Fire
2. Explosion
3. Lightning
4. Riot and strike
5. Earthquake, flood, Tsunami, over flow of rivers, landslides, cyclone, tempest, etc.
6. Terrost activity
7. Burglary, housebreaking, hold-up and robbery
Section II: In Transit
All the risks described in Section I are covered except cash and currency during transit anywhere in India by through registered parcel post, air freight, or courier service.
Section III: Custody of Insured & Others
All the risks described in Section I are covered except cash and currency bills while the property is in custody of the insured and his/her employees and/or of people not in the insured’s full-time employment, including brokers, agents, cutters, and goldsmith.
Section IV: Premises
Section IV covers and/or damage caused to the building, furniture, fixtures, fittings, safes, electrical installations, and other equipment used for trading purposes while housed and/or installed at the insured premises.
Who is this policy for?
The Jeweller’s Block Insurance Policy is meant for wholesale or retail Jewellers, Gemmologist, and Diamontaires. Establishments whose work is primarily manufacturing like cutters and goldsmiths. This policy can be given to entities such as angadias, brokers, or pawnbrokers.
How to choose the sum insured?
The Sum Insured in Section I & II depicts the cost price of the jewellery. And, while the Sum Insured in Section III must describe the maximum possible loss resulting from an incident the Sum Insured in Section IV must depict the market value of the items..
How to claim the Sum Insured?
In the event of any occurrence resulting in a claim under the coverage, the steps given below should be followed by :
1. Apprise the insurer within 24 hrs
2. In the event of burglary or theft, file an FIR.
3. Submit applicable documents, along with the Claim Form to the surveyor of the Insurance Co.
Find a specialized industrial insurance policy provider
You must deal with specialists. Since specialized insurance companies that deal with Jeweler's Block Insurance Policy can give you a comprehensive solution. You need to search for one skilled insurance service provider.
Run a comparison study
You can find several sites offering you information about the various insurance providers, their policies and reviews. By running a comparison study, you can easily find an insurance company that is right for your needs and requirements.
Seek professional help
It would be advisable to find professional help to understand the policy, because, at times, it can be too technical for you to understand, and a person who is expert in the insurance business can help you in spotting the right kind of policy for your business. The insurance expert can make you understand the legal terms associated with the policies.
Read the terms and conditions carefully
You should read the terms and conditions. For instance, you need to know about the social exclusions, the add-ons of the policy, and more. Hence, take out some time and read the terms and condition carefully before buying the insurance plan.
Never let the business be vulnerable to the unpredictability of nature and happenings. You can keep everything under control by availing the best Jeweler’s Block Insurance Policy in Delhi for your business and act with a sense of urgency when things go wrong without prior notice. So, stay safe.