JEWELLERS BLOCK INSURANCE

A Jeweller’s Block Insurance Policy is a Comprehensive Package Policy specially designed to cater to the needs of Jewellers and Diamantaires.

A Comprehensive Jeweller’s Block Policy provides Insurance for Losses due to Fire within Premises, Theft or Burglary within Premises or Losses which occur when the Jewellery Stock is in Custody of Directors, Employees, Brokers, Sorters etc.

Additional Insurance when you are transporting Jewellery Stock for Exhibition or Theft by Employees can also be opted for.

A Comprehensive Jeweller's Block Insurance Policy will Insure practically all the risks that a Jeweller faces during the course of his business.

Some of the Coverages in a Comprehensive Jeweller's Block Insurance Policy include:

• Stock In Premises:
  This is an All Risk Cover. This Cover provides reimbursement to the Insured Party on account of the Loss or Damage to the Jewellery when it is stored within the Premises. It will cover Losses due to Fire, Theft, Burglary, Earthquake, Flooding etc.
• Stock in Custody of Directors, Partners, Employees:
  A lot of times Directors or Partners of the Firm will have the Jewellery Stock in their possession for showing it to Customers or taking the Jewellery from Brokers or Cutters. During such time, the Jewellery will not be stored within Premises. This section will cover any Theft or Burglary of the Jewellery that will happen when it is in the Custody of the Directors or Partners of the Company.
• Stock in Custody of Third Parties such as Cutters, Brokers, Agents, Goldsmiths, Dealers, Clients:
  A lot of times the Jewellery Stock will be given to the Third Parties like Cutters, Brokers (who are not company employees) for the purpose of designing or showing it to Customers. This Section will reimburse the Insured Party on account of the Loss or Damage that happens when the Stock is in the Custody of such Third Parties.
• Stocks in Transit:
  Many times, Jewellers use Angadias, Couriers or Air Transit to send Jewellery to Customers located in different cities. This Section of the Jeweller’s Block Insurance Policy will reimburse the Insured Party on account of Loss or Damage that happens to the Jewellery whilst in Transit.
• Stocks in Exhibition:
• Jewellers frequently display their Jewellery in various Exhibitions around the Country. These Exhibitions are risky in the sense that a lot of people visit them, thus making it susceptible to Theft. A Comprehensive Jeweller’s Block Insurance will cover for Losses that happen during Exhibitions as well.
• Fidelity Guaranty (Theft by Employees):
• This Section covers for the loss that is suffered by the Employer on account of Fraud or Dishonesty committed by Employees in respect of the Money or the Jewellery Stock stored within the Jewellery Shop.
• In addition, Add-On Covers for Loss or Damage to Furniture and Fixtures within the Premises or Public Liability for Bodily Injury to Customers can also be opted for.

The Sum Insured under a Jeweller’s Block Insurance Policy would be the Maximum Value of the Stock stored within Premises. The Sum Insured is normally calculated as Cost + 10% where the 10% accounts for the Costs such as Freight and Duty, Glazing, Finishing, Making Charges etc.