Jeweller’s Block
Cover
It is a policy packaged to cover the various types of risks faced by Jewellers and Establishment of Diamond Traders.
There are four sections in the policy and the compulsory section is the first section, which covers the gold, ornaments and silver items contained on the premises including the ones in the closed display windows. The property (insured under Section I) is covered under various sections and circumstances as follows-
Section I– Covers loss or damage by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
Section II– Covers whilst in the custody of the insured/employees, sorters, cutters and goldsmiths and is basically an “outdoor” risk.
Section III– Covers whilst in transit by registered post parcel. Air freight or through Angadia.
Section IV– Covers Furniture fixture fittings – and the perils are the same as under Section I.
Jeweller’s premises are categorised into Class I, II or III depending upon the type of security provided for the premises. Also the jewellery on the premises is covered only if they are kept in locked safes during nights and after office hours.
Discount in premium is available wherever the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.
Customers
The policy can be taken by jewellers who are wholesalers or retailers. The policy is not given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy cannot be given to angadias, brokers or pawnbrokers.