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Jewelers Insurance



To run an establishment /shop with jewelry and precious stones is a herculean task because the nature of goods is such that it faces the risk of being stolen. This is why even the salespersons in these shops are subject to thorough scrutiny at the end of the day. Various control methods and latest  safety measures are adopted by jewelers to safeguard their shop and establishment as it deals with stocks amounting to crores of rupees.

To protect from mishaps, loss of precious items a jewelers' package policy is designed to cover all the associated risks in the jewelry business.

The jewelers insurance policy is designed for jewelers who are either retail or wholesale dealers and diamond merchants. Policy is offered for dealers in other precious stones jewelry too. However this policy is not meant for establishments whose work is predominantly manufacturing like cutters and goldsmiths. It is for finished stock only.

Policy cover is detailed in four sections:

  • Section I- property & cash at premises/lockers is covered under perils such as fire, explosion, lightning, burglary, house-breaking, theft, hold-up, robbery, riot, strike and malicious damage 

  • Section II  -  Property in the custody of insured, his partners, directors, employees during transit

  • Section III -  All risk cover whilst property is in transit by registered parcel post, air freight and through angadia 

  • Section IV - Loss or damage to trade and office furniture , fixtures  including safes and equipment in insured  premises due to  fire, explosion,   lightning, burglary, house breaking, theft, hold up, robbery, riot, strike  and  malicious damage and terrorism

   

    Add ons can be chosen according to the requirement of the insured:

 

  • Loss whilst jewelry is displayed at public exhibition given as an extension by charging additional premium

  • Earthquake (Only for Section 1 & 4)

  • STFI (Only for Section 1 & 4)

  • Terrorism (Only for section 1 & 4)

  • Dishonesty of cutters, goldsmiths, refinery owners and jewelry manufacturers of insured’s property


    Sum insured can be chosen based on the property insured:

  • Jewelry items in premises : Value  at risk during the entire policy period

  • Furniture & equipments: Market value during entire policy period

  • Transit & in custody of insured: Limit per loss

The basis of valuation of property insured for the purpose of this insurance shall be the insured’s cost + 10 percent.

Premium rating will depend on the specific features for this policy.

  • Whether premises manned by a watchman 24 hours.   

  • Whether a common watchman is provided for the building as a whole during day/night time or 24      hours.

  • Short circuit cameras installed in the premises,additional safety alarms, burglar resistant safes etc.

  • Fixed Safe/Strong Room,safe combination number  shared among partners/directors/nominated employees.

  • Terrorism premium as per pool rates.

  • Condition of average applicable under Sec. I  and IV.

Exclusions include

  • Property whilst being worked upon, repairing etc.

  • Mysterious circumstances / unexplained reasons.

  • Shortage noticed at the time of stock taking.

  • Being worn or in custody of insured, family members etc. for personal purposes.

  • Loss from unattended vehicles,wear and tear.

  • Consequential loss or damage, legal liability.

  • Dishonesty of insured, employees, family members, cutters, goldsmith etc.

Frequently asked Questions:


Does the jewelers insurance policy cover the stock on window displays outside business hours?

Standard policy does not cover window display after business hours but can be considered for Class I risks up to a prescribed limit based on additional premium and higher deductibles.

Is shoplifting a covered peril?

No,  but it can be considered for restricted limits in Class I risks. Most losses reported pertains to burglary, robbery, hold-up, theft. In the event of a claim, notice of claim to be given to insurers within 24 hours of the event along with immediate police intimation. Full details of loss have to be furnished along with relevant documents for speedy process and settlement.




We at Zen Insurance assist in choosing the right Insurance cover to suit your needs . Please contact us for assistance.

Disclaimer:

Zen Insurance is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products.






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