Why Having a Jewellers Block Insurance Policy is Crucial?
Jewellery businesses operate in a high-stakes environment where the risk of theft, burglary, damage, and even natural disasters is ever-present.
A single mishap whether it's a robbery, an accident during transit, or damage within the showroom can result in significant financial loss and disrupt business operations. The risk increases when you’re handling high-value items like gold, diamonds, and precious stones, making the stakes even higher. Beyond the monetary loss, such incidents can weaken customer trust and harm the reputation you've built over the years.
With so much at stake, leaving your business unprotected is not an option. Hence, securing the right protection through Jeweller Insurance becomes crucial to safeguard your business and ensure its continuity.
What is Covered Under Jewellers Block Insurance Policy?
The Jewellers Package Insurance policy provides coverage for the following
- Stock within the insured premises, including items held on trust or commission.
- Stock under the care of others, including items held on trust or commission.
- Stock during transit, including items held on trust or commission.
- Stock at exhibitions, including items held on trust or commission.
- Coverage for fixed glass and related fittings at the insured premises.
- Coverage for money during transit or held at the insured premises.
Jewellers Block Insurance Extensions / Add-ons
The add-ons under the Jewellers Block Insurance are:
- Protection for neon and illuminated signs, as well as hoardings at the insured premises.
- Coverage for electronic equipment.
- Public liability protection for incidents occurring at the insured premises.
- Coverage for workers' compensation for employees at the insured premises.
- Coverage for money during transit or held at the insured premises.
- Business interruption due to fire-related damage.
What is Not Covered Under Jewellers Insurance Policy?
The exclusions under the Jewellers Block Insurance policy are as follows:
- Intentional misconduct or extreme negligence.
- Losses occurring outside the geographical limits stated in the policy schedule.
- Damage caused by self-heating, natural combustion, or spontaneous ignition.
Explosions
- Damage from forest fires.
- Losses due to war, nuclear events, or related hazards.
- Loss of unspecified precious stones, cheques, cash, or documents unless explicitly listed.
- Indirect losses unless specifically covered under the policy.
- Theft occurring during or after a covered event.
- Acts of terrorism.
- Loss of funds due to accounting errors or omissions.
Jewellers Insurance Claim Process
Here's the step-by-step claim process to file a claim under Jewellers Block Insurance:
- Notify Your Relationship Manager: Immediately inform your relationship manager about the incident to initiate the claim process.
- Complete and Submit the Claim Form: Fill out the claim form accurately and attach all necessary supporting documents.
- Claim Registration and Processing: Your relationship manager will forward the claim details to the insurer for processing.
- Survey and Damage Assessment: The insurer will appoint a surveyor to inspect the damage and evaluate the claim.
- Submit Required Documents: The surveyor will advise you on the documents needed for verification. Ensure prompt submission to avoid delays.
- Claim Approval and Settlement: Once the claim is reviewed and approved, the insurer will process the payment as per the policy terms.
Note: The insurer will assess the claim based on the policy's terms and conditions. Approval or denial of the claim is at the insurer's discretion.
What is the Kimberley Process Exclusion Clause in Jewellers Package Insurance Policy?
The Kimberley Process Exclusion Clause in a Jewellers Package Insurance Policy excludes coverage for any loss, damage, or expense resulting from forfeiture or possession due to non-compliance with the Kimberley Process Certification Scheme. The Kimberley Process is an international agreement involving governments, the diamond industry, and civil organizations to prevent the trade of conflict diamonds rough diamonds used to fund wars against legitimate governments. If a claim arises, the insured must prove that the loss or damage was not caused by a breach of the Kimberley Process requirements for the claim to be considered valid.
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