Untitled Document
|
Jewellers Block Insurance
This policy is essential for all jewellers and jewellery establishments,
keeping in mind the specific requirements of their trade |
What can be Insured
This policy provides cover
against any loss or damage
- To property by fire, explosion, riot or strike,
malicious damage, burglary, house-breaking, theft, robbery or
hold-up or being carried,
conveyed, distributed outside specified premises for the purpose
of business.
- To furniture, fixtures and fittings
as well as other business appliances inside the premises.
|
Risks covered
This
policy has 4 separate sections
-
Section I
Covers loss or damage to property contained within the
premises where the insured's property is deposited against
the risks of
fire, explosion, riot or strike, malicious damage, burglary,
housebreaking, theft, robbery and hold-up risks only.
- Section
II
Covers loss or damage to property
insured while in the custody of the insured's partners and/ or
employees.
- Section III
Property insured, excluding cash and currency notes
in transit within India by air-freight or local couriers.
- Section IV
Loss or damage to furniture, fixtures and fittings
from fire, explosion, lightning, riot or strike, malicious damage,
robbery
and hold-up risks only.
|
Compensation Offered
This policy provides compensation based on the classification of
the jeweller, either less than Rs.25 lakhs or above Rs.25 lakhs.
For a Capital Sum Insured above Rs.25 lakhs, it is a prerequisite
that after business hours, the stock must be stored in a burglar-proof
safe.
If the stock value is above Rs.10 crores, the stock must be stored
in different safes to minimise the chances of loss as far as possible.
It is also essential to take Fidelity Guarantee Cover for all the
employees of the jeweller. |
Exclusions
This policy will not pay any compensation
if the claim has arisen from
- Any loss or damage to the property while it is being worked on
or from any process of cleaning, repairing or restoring.
- Any loss or damage to the property while it is being worn
or used by the insured, his representatives or his relatives.
- Any loss or damage to the property while
it is displayed in a public exhibition.
- Any loss due to theft or missing from
property stored in an unattended road vehicle.
- Any loss or damage to the property arising
from depreciation, gradual deterioration, wear and tear,
etc.
- Any loss or damage to fragile items.
- Any loss or damage to
the property owing to a dishonest act of the insured's employee
or family member or person
entrusted
with the property.
|
|
|
