In InsuranceSamadhan.com’s A-Z Blog series on Insurance topics, we try to provide all vital information related to the Insurance sector and demystify certain myths related to the sector. In today’s blog, we are sharing detailed information regarding – Jewellery Insurance – and everything that one needs to know.
Indians have habit of creating wealth through Jewellery. Ladies keep this jewellery at home and bank lockers. It is said that 30% of household wealth remain in Gold, Precious stones and Jewellery but this wealth remain at risk of loss, theft, robbery. Jewellery Insurance can offer some protection against such losses.
Although Jewellery contents are also covered under House Insurance. But if wealth in more than it is advised to opt for specific Jewellery Insurance. Moreover, Jewellery kept in bank lockers are at risk and should be covered through Jewellery Insurance. Compensation is offered in form of Replacement value or Market Value whichever is lower. Some losses caused due to negligence, war like situations are not covered.
Jewellery Insurance Features:
Almost all General Insurance Companies offer Jewellery Insurance and have common features as detailed below:
- Cover the financial loss caused due to loss of declared Jewellery by theft, burglary and robbery. This covers the risk of loss within the insured premises.
- There is a specific policy called Jewellery Block Insurance which covers the risks of Jewellery shop owners like stock in transit, stocks displayed in Exhibitions and stocks in premises. It can also cover valuables like precious stones, watches, antiques, piece of art etc.
- One can also add safety equipment, building, safe and hard cash.
- Specific Perils can also be added. By paying incremental premium, Jewellery Insurance can add Perils included: Fire, flood, earthquake, lightning, burglary and/or house-breaking, chain-snatching, theft, accidental loss and damage to jewellery stored in bank lockers.
Jewellery Insurance Claim Process:
Given below are the steps which need to be followed under Jewellery Insurance or Jewellery Block Insurance.
- Report the loss within 24 hours to the Insurer either in writing or on phone.
- A surveyor would inspect and submit the loss report. You can demand to have a copy of the report and raise objection in writing if you do not agree with surveyor report.
- It is necessary to produce all facts and figures. Claim approval will be based on surveyor report and give as much information supported with documents.
- As valuables are lost, hence Police FIR is necessary. If it include Fire then report by Fire Department will also be needed.
- You must keep all records of Jewellery. Also keep the copy of Jewellery Insurance Document and share it with Surveyor and Insurer.
If you are facing any issue related to Jewellery Insurance, you must reach Insurance Samadhan who has experts team to guide you. We shall be pleased to support your case on technical and legal grounds.
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