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Jewellers Block Insurance
Qian - At the Forefront of Jeweller's Block Insurance
If you own a Jewellery Shop, then this is the most important thing that you will ever read:
Are you always worried about the safety of your stock in the Jewellery Shop?
Are you worried that a Small Fire in the Shop can destroy a lifetime worth of efforts?
Are you scared that your Jewellery Shop will be robbed in the dead of the night?
A standalone Jewellery Shop will normally contain Jewellery worth Crores of Rupees. As a result, Jewellery Shops are prime targets and prone to theft due to their valuable nature.
Consider the case of this Jeweller who got robbed in broad daylight during lunchtime.
Such incidents are very common and hence you should always secure your Jewellery Shop by purchasing a Comprehensive Jeweller’s Block Insurance Policy.
What is a Jeweller's Block Insurance Policy?
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.
What are the Coverages in a Jeweller's Block Insurance Policy?
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.
What is the Sum Insured under Jewelers Block Insurance Policy?
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.
What are the Exclusions in a Jeweller's Block Insurance Policy?
A Jewellers Block Insurance Policy will typically exclude losses due to the following:
Exclusions under a Jeweller's Block Insurance Policy
Loss which has been on account of Willful Misconduct of the Insured
Loss occurring due to Confiscation of the Jewellery stock by a Governmental Authority
Loss to the Jewellery Stock due to Ordinary Wear and Tear or Damage during making of the Jewellery
Loss of Jewellery from Vehicles whilst it is in the possession of the Firm's Directors and Partners where the Vehicle was left Unoccupied or Unattended
How to Claim under a Jewellers Block Insurance Policy?
The Insured Party should follow the following steps in the event of a Claim under a Jeweller’s Block Insurance Policy:
Intimation of Claim detailing Timing and Location of Loss
Duly Completed Claim Form signed by the Insured, detailing the Loss that has occurred along with estimates of Quantum of Loss along with Supporting Documents
Fire Brigade Report in case of Fire
Police Final Investigation Report for Theft and Burglary Claims
Bills and Invoices, Valuation Reports etc required to support and substantiate the Claim Amount
NEFT Details & Cancelled Cheque
Any other document deemed necessary to establish the loss or its quantum depending upon the nature of claim
Coverage from Theft, Robbery, Fire
Coverage from Fire
Dedicated Account Manager
Expert Claims Assistance
Exhibition Cover can also be opted for
Why should you approach an Insurance Broker for a Jeweller's Block Insurance Policy?
Various Insurance Companies will have different Coverages and Limits for a Jeweller’s Block Insurance Policy.
It makes sense to take the help of an expert to make sure that you have a Comprehensive Cover for your Jewellery Business. Moreover, it does not cost anything extra to purchase a Jeweller’s Block Insurance Policy from a Broker.
In fact, an Insurance Broker is likely to offer better rates since he can negotiate with multiple Insurance Companies for your Cover. An Insurance Broker will thus assist you in obtaining a Comprehensive Cover at the Competitive Rates.
Get a FREE 1 hour Consultation for a Jeweller's Block Insurance Policy!
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Contact us NOW at 022-22044989 or at firstname.lastname@example.org or fill this Contact Form for a Comprehensive Jeweller’s Block Insurance Policy Quote. We assure you of Competitive Premiums for Jeweller’s Block Insurance. We will respond within 24 hours, guaranteed.
A Jeweller’s Block Insurance Policy is a specialised Policy designed to cater to the needs of Jewellers and Diamantaires.
A Jeweller’s Block Insurance Policy broadly covers the following:
Cover for Jewellery Stock Stored in Premises
Cover for Stocks in Custody of Directors, Partners Employees etc
Stock in Custody of third parties such as Cutters, Brokers, Agents, Goldsmiths, Dealers, Clients
Stocks in Transit
Stocks in Exhibition
Fidelity Guaranty (Theft by Employees)
A Jeweller’s Block Insurance excludes losses due to the following:
Losses for Stock stored in Premised which is not stored in a Locked Safe
Loss/Theft of Jewellery at a Hotel which is not stored in a Locked Safe
Loss/Theft of Jewellery Stock in custody of Directors or Partners outside the Business Premises which is not in Arms Length of the Directors or Partners
Damage to Jewellery while it is being repaired or worked upon