Jewellers Block Insurance
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What is Jewellers Block Insurance?

It has been popularly told that 30% of household wealth in India remains in Gold, Precious stones, and Jewellery. But there are always multiple risk factors of loss, theft, and robbery that play along. But Jewellery Block Insurance is there to protect your treasures against such losses. It is specially designed and developed for jewellers and diamond tries.

This insurance policy can also be tailored according to your business requirement and convenience. You can protect your entire jewellery business against such risks covered under one single jeweller block protector policy.

As a single loss can bring a catastrophic effect on the business, this Jewellery Block Insurance works as a messiah to the retailer, manufacturer, pawnbroker, and to the distributors who are associated with the businesses of jewellery or fine art such as gold, diamond, and so on. One can also avail of the coverage when the high-value item is in transit, be it an individual item or the entire collection.

This Jewellery Block Insurance policy not only provides you peace of mind but also decreases the risk factors of your business enabling your business to run safely and smoothly protecting the business against unforeseen troubles.

What Are The Key Features of Jewellers Block Insurance?

Jewellers Block Insurance policy offers different important benefits that mainly safeguard the jewellery business. Let’s have a look at the features of this insurance plan.

  • This policy especially has been designed for the jewellers and diamond tries – Jewellers Block Insurance policy has various sections and under each section, different risk factors are covered under this policy.
  • Can be tailored – This insurance policy can be tailored according to your business’ needs and requirements. But this facility can vary according to different insurance companies.
  • Numerous benefits are available – If your jewellery is lost due to theft, burglary, and theft, this policy is there to cover your financial loss according to its terms and conditions. This policy also has an important feature like covering the risks of jewellery shop owners while their precious product is in transit, displayed in exhibitions and premises, and also in case of repairing, cleaning or cleaning the jewellery.
  • It covers other valuable things – Jewellers Block Insurance policy gives you the coverage for precious stones, gems, watches, antiques, pieces of art, and many more too.
  • Availability of different add ons – According to your business requirements, you can add more facilities to increase the safety of your business. You can add perils like fire, flood, earthquake, lightning, accidental loss, and some more.
  • Smooth claim process – The claim process of the Jewellery Block Insurance policy is smooth and hazardless and this makes the policy more users friendly.
  • Voluntary deductible adjustments – Voluntary deductible adjustments can be allowed if the insured opts for a voluntary higher deductible. This is only applicable to Sections I and III. Though this feature may vary from company to company.

What does Jewellers Block Insurance Cover?

Jewellers Block Insurance policy covers a wide range of risks, especially for the jewellers and diamond tries. Let’s check out the different risks covered by it that may pose your business at risk.

  • It covers the financial losses caused by theft, shoplifting, snatching, burglary, robbery, dacoity, and housebreaking.
  • If you face any financial loss due to infidelities such as dishonesty by employees and business partners, the Jewellers Block Insurance policy is a saviour for you.
  • If you face any financial loss due to fire, this insurance plan takes care of it.
  • This plan also covers financial loss if your valuable insured product is lost in transit and in case of a loss with courier companies; posts parcel losses, loss with airlines and air cargo.
  • If the insured encounters any financial loss while repairing, cleaning, and exhibiting the jewellery, this all-in-one insurance policy also covers that according to its terms and conditions.
  • This policy covers any financial loss caused by any type of natural calamities like flood, earthquake, fire, tsunami, storm, typhoon and some on.
  • Any kind of terrorism losses like riots, the strike is to be covered under this single policy that hinders your business or trade.
  • The losses of furniture, fixtures, office machines like Air conditioners, fax machines EPABX, and other similar machines that are used only for business purposes by the jeweller are covered on different grounds.

It has to be remembered that all the coverages are subject to the declaration in the proposal form and are based on different grounds.

There are four different sections that distinctly cover various risk factors that your business may suffer in the future. Let’s have a look at the different sections and their details briefly.

Section I – Fire & Allied Perils, Burglary, Robbery for Jewellery, Cash & valuables whilst at premises

Under this Section, the insured products for trading purposes such as jewellery, diamonds pearls including cash and currency notes at the insured premises are covered.

Section II – Robbery for Jewellery, & valuables whilst in transit under the custody of the insured or his representative

While the products mentioned the Section I are lost in transit under the custody of the insured, his partners, directors, employees, brokers, goldsmith, cutters, and sorters due to any perils as mentioned in the previously denoted section, Jewellers Block Insurance policy covers that under the Section II.

Section III – Jewellery, & Valuables whilst under transit with third-party transporter or posts

Under this section, the policy covers loss or damage to the stocks while anywhere in India by angadias (loss with courier companies), registered parcel post, air freight, inland waterways, rail &/or road.

Section IV – Fire & Allied Perils, Burglary, Robbery for Furniture, Fixtures and office equipment’s and machine

Under this Section, the losses of furniture, fixtures, office machines like Air conditioners, fax machines EPABX, and other similar machines that are used only for business purposes by the jeweller are covered on different grounds.

Note: The above-mentioned things are only the main and brief aspects of the Policy. To know in detail about the policy and its terms and conditions, please refer to the Policy Wordings.

How Can You Apply for Jeweller Block Insurance?

To apply for the Jewellers Block Insurance, you can to the official website of the company and from there you can download the proposal form. After reading the Policy Wordings, you can directly apply online from their website if you meet their eligibility criteria.
Or, you can also call their agents to assist you in the process of applying. Or else, you can visit the nearest branch of the chosen company to get started with this helpful insurance plan too.

Which factors are important for applying for Jeweller Block Insurance?

There are few factors that play an important role while opting and applying for a Jewellery Block Insurance policy. They are as follow,

  • Valuation – For applying for a Jewellery Block Insurance plan, you need to present a list of the items that you want to be covered under the policy along with their valuation. You can prepare the valuation yourself or from an expert. In that case, the valuation certificate is necessary.
  • Cost Factor – The premium that you need to pay for your insurance, depends on the total sum assured. But you can also avail some discounts from the insurance company if there are any.
  • Filing a Claim – For filing a claim, you need to produce all the facts and figures of your loss and the valuation of the jewellery along with the supporting required and correct documents before the insurer and also the surveyor. The slightest discrepancy can hinder the approval of your claim.
  • All-risk Cover – The insurance should be an ‘all risk cover’ which provides protection against fire, burglary, and other perils. Some covers are 100% insured, while some are on a ‘first-loss limits’ basis, which implies a portion of the jewellery’s value is insured. The insurance company determines the maximum probable value that can be lost in a single incident. This value is termed as the first loss sum insured.

General Exclusions of Jewellers Block Insurance

There are certain exclusions that this policy does not cover. The salient and general exclusions are as follows.

  • Unexplained losses – If an insured suffer a financial loss that (s)he cannot explain or cannot pose proper reasons along with the proofs, the company does not bear that loss.
  • Mysterious disappearance – If the insured valuable objects disappear under unclear or mysterious circumstances, the company does not take responsibility for that loss.
  • Dishonesty by customers or other traders – If the insured person faces any financial loss due to the dishonesty of the customers or other traders, the Jewellers Block Insurance policy does not cover that loss.
  • Lost and unattended stock – If the stock is unattended or lost, this policy does not consider it as a valid ground for compensation.
  • Loss of something that is not mentioned in the proposal form – This policy strictly covers only those insured items that are mentioned in the proposal form and also that are used for business or trade purposes only.

What are the additional benefits of buying Jewellers Block Insurance?

If you feel that you need more coverage for your business, there are plenty of extensions and additional benefits that Jewellery Block Insurance offers. You may take into consideration of additional benefits if you are,

  • A specialist jeweller – Specialist jewellers like pearlers always deal with precious and valuable items. This may expose your business to multiple risk factors. To make your business more secure, you can opt for Specialist Jewellery Insurance, if your business is related to creating, making, or selling unique jewellery.
  • Selling highly valuable items – Even if you do not fall under the category of the specialist jeweller, but you deal with highly valuable or unique jewellery like high karat gold jewellery, bead jewellery, and antique or estate jewellery, you can still opt for additional cover under this policy to safeguard your business.
  • Carrying out valuations – If you make your own valuations for the jewellery you deal with, you are advised to include professional Indemnity Insurance in your Jewellery Block Insurance policy. This helps you to defend yourself if a customer claims that you have undervalued an item or given any wrong advice or any other mistakes that you have done; otherwise, it may cost you a ransom amount of money.
  • Repairing, cleaning, or restoring jewellery – While you send your precious items for repairing, restoring, or for cleaning, there lies a huge possibility that your item gets damaged. To avoid this financial loss, you can add this cover to your Jewellery Block Insurance that protects you from any damage while performing any work on your insured item.
  • Showcasing items at exhibition or trade fair – If any damage is occurred to your valuable jewellery during exhibiting it, you can also get compensation for your loss under this insurance plan by paying an additional premium to cover this loss.

How can you claim for Jewellers Block Insurance?

To make your claim process smoother and easier under the Jewellery Block Insurance policy, follow the following steps.

  • Report the loss within 24 hours of the damage to the insurer either in writing or on phone.
  • A surveyor will be sent on behalf of the company to inspect your loss and to submit the report to the company on it. It would be advisable to keep a copy of that report as it may help you in future reference.
  • You can also raise an objection in writing if you find any discrepancy in the report or do not agree with the report.
  • It is mandatory to produce all the necessary and correct documents that are required for the claim process. You need to provide all the relevant information along with the supporting documents.
  • Your claim approval depends on the surveyor’s report and on the facts and figures that you have provided.
  • If precious things are lost, a police FIR is mandatory. If the damage is caused by the fire, a report by the fire department is also necessary.
  • You need to keep all the records of the jewellery for which you are making the claim.
  • It is advisable to keep a copy of the Jewellery Block Insurance policy and to produce it before the insurer and the surveyor.
  • Some insurance companies provide an online facility to check an individual claim status updated by the insurance company on a regular basis.
  • After the internal process for claim settlement is complete, the insurance company then provides compensation in the form of sum assured which could be any of the following values:
    • Reinstatement Value of the jewellery item
    • Market Value of the jewellery item
    • Replacement Value of the jewellery item

FAQs

1. How should I select the sum insured?

The sum insured under Sections 1 and 2 should represent the cost price of the jewellery items. The sum insured under Section 3 should represent the maximum loss likely, arising out of any one incident. The sum insured under Section 4 should represent the market value of the property.

2. I am a pawnbroker. Can I opt for this policy?

Yes, you can. But all insurance companies do not provide this policy to pawnbrokers, brokers, cutters, and goldsmiths. So, check the eligibility of the company and then go for it.

3. Can I extend my Jewellers Block Insurance?

Yes, you can. There are multiple extensions and additional benefits available with different companies.

4. My shop is unoccupied for more than 30 days continuously. Can I file a claim?

In that case, your claim will not be approved as your shop remained unoccupied for more than 30 days.

5. What is jeweller valuation?

A jewellery valuation is a document or certificate that provides a detailed description and a value judgement of a jewellery item. The value is a judgement based on current market conditions.