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General Insurance >> Jewellers Block Policies

This policy is essential for all jewelers and jeweler 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.

Safes to minimize the chances of loss as far as possible.

It is also essential to take fidelity guarantee cover for all the employees of the jeweler.

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.