Jeweller’s Block Insurance Policy - Definition, Coverage, Exclusions, Add-On Covers, Claims Process, Companies, Quotes

What is a Jewellers Block Insurance Policy? - Definition

A Jewellers Block Insurance Policy is a Comprehensive Package Insurance Policy which provides coverage for Losses or Damage to Jewellery Stock 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. The Policy also provides coverage when you are transporting Jewellery Stock for Exhibition or Theft by Employees. The Jewellers Block Insurance Policy is specially designed to cater to the needs of Jewellers and Diamantaires

What are the Coverages in a Jewellers Block Insurance Policy?

A Jewelers Block Insurance Policy provides the following Coverages:

1. Stock in Premises: This is an All-Risk Cover. This cover provides reimbursement to the Insured Party on account of the loss or damaged to the Jewellery Stock when it is stored within the premises due to Fire, Theft, Burglary, Earthquake, Flooding etc.
2. Stock in Custody of Directors, Partners, Employees: Many times Directors or Partners of a 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 covers any Theft or Burglary of the Jewellery when it is in the custody of the Directors or Partners of the Company.
3. Stock in Custody of third parties such as Cutters, Brokers, Agents, Goldsmiths, Dealers, Clients: Sometimes the Jewellery stock is given to third parties like Cutters, Brokers (who are not company employees) for the purpose of designing or showing it to customers. This section reimburses the Insured on account of the Loss or Damage to Jewellery Stock when it is in the custody of the Third Parties.
4. 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 reimburses the Insured Party on account of Loss or Damage to Jewellery Stock whilst in Transit.
5. Stocks in Exhibition: Jewellers frequently display their Jewelry Stock in various exhibitions around the country. These exhibitions are risky since a lot of people visit them, thus making it susceptible to theft. A Jewellers Block Insurance Policy provides coverage for Losses that happen during Exhibitions.
6. Fidelity Guaranty (Theft by Employees): Fidelity Guaranty provides coverage for Theft by Employees. Additionally, 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 are the Exclusions in a Jeweller’s Block Insurance Policy?

A Jeweller’s Block Insurance Policy excludes Losses or Damage to Jewellery Stock due to the following reasons:

1. A Jewellers Block Insurance Policy does not cover Loss on account of Willful Misconduct of the Insured Party
2. Unexplained Losses or Losses noticed at the time of taking inventory are not covered under a Jewellers Block Insurance Policy
3. Loss occurring due to confiscation of the Jewellery stock by a Governmental Authority is excluded from coverage
4. Loss to the Jewellery stock due to ordinary wear and tear or damage during making of the Jewellery is not covered
5. 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 is excluded

What is the Claims Process under a Jeweller’s Block Insurance Policy?

The Insured needs to follow the below mentioned steps to file a Claim under a Jewellers Block Insurance Policy:

1. Step 1: Intimate the Claim to the Insurance Company detailing the date, time and location of the loss as soon as possible
2. Step 2: Submit the necessary details such as Policy Number, 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. The Insured also needs to submit Fire Brigade Report in case of Fire or a Final Investigation Report (FIR) for Theft and Burglary Claims.
3. Step 3: Submit the documents required for a Claim under the Jewellers Block Insurance such as ID Proofs, GST Certificate, Bills and Invoices, Valuation Reports, NEFT details etc. required to support and substantiate the claim amount
4. Step 4: The Insurance Company appoints a surveyor to examine the facts of the incident.
5. Step 5: If the claim is admissible, the Insurance Company will process and transfer the Claim Amount to the Bank Account of the Insured.

Which Insurance Companies provide a Jewellers Block Insurance Policy in India?

The list of Insurance companies providing Public Liability Insurance Policy in India are as follows:

1. ICICI Lombard General Insurance Company
2. New India Assurance Company
3. Bajaj Allianz General Insurance Company
4. Iffco Tokio General Insurance Company
5. Future Generali General Insurance Company
6. Oriental Insurance Company

What is the Sum Insured under Jeweller’s Block Insurance Policy?

The Sum Insured under a Jeweller’s Block Insurance Policy is 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.

Get Best Quotes for Jewellers Block Insurance Policy with Qian!

If you are looking to buy a Jewellers Block Insurance Policy, you can request a free 60-minute Jewellers Block Insurance Policy Consultation with the experts at Qian. Qian is an experienced Insurance Broker for Jewellers Block Insurance Policy. Various Insurance Companies have different coverages and limits for a Jeweller’s Block Insurance policy. Even the Exclusions are different from policy to policy. Thus, it is a wise decision to take the help of an expert Insurance Broker to make sure that you have comprehensive coverage for your jewellery business. Our team would recommend the appropriate coverages and the Best Quotes for your Jewellers Block Insurance Policy. Contact us now at insurance@qian.co.in or 022-35134695. We would be glad to assist you.

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