This is a package policy specially designed for Jewelers & Diamontaires.
The policy comprises four sections which are optional except for section I which is compulsory.
Section I – Covers loss or damage to jewelry, gold and silver ornaments or plates, pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
Section II – Covers loss or damage to jewelry, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.
Section III – Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.
Section IV – Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism. This is section can also cover Computer, fax machine and their parts/ accessories & data carrying material, Neon/illuminated signs, Hoardings installed on insured premises and trade equipment.
Some insurers can also extend the policy to cover the following additional risks:
- Personal Accident for insured, partners and employees
- Public Liability – Claims due to accidental injury to or death of any person other than insured and its employees & accidental damage to property of such persons
- WC – Death of or Injury to any employee whilst on duty
- Money in Transit or In Premises
The policy is available to jewelers both wholesalers and retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias, brokers or pawnbrokers etc.
The sum insured under Section I and II should represent the cost price of the jewelry items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident. The sum insured under Section IV should represent the market value of the property.