Jewellers Block Insurance
Qian – At the Forefront of Jeweller’s Block Insurance
If you own a Jewellery Shop, then this is the most important thing that you will ever read:
- Are you always worried about the safety of your stock in the Jewellery Shop?
- Are you worried that a Small Fire in the Shop can destroy a lifetime worth of efforts?
- Are you scared that your Jewellery Shop will be robbed in the dead of the night?
A standalone Jewellery Shop will normally contain Jewellery worth Crores of Rupees. As a result, Jewellery Shops are prime targets and prone to theft due to their valuable nature.
Consider the case of this Jeweller who got robbed in broad daylight during lunchtime.
Such incidents are very common and hence you should always secure your Jewellery Shop by purchasing a Comprehensive Jeweller’s Block Insurance Policy.
What is a Jeweller’s Block Insurance Policy?
A Jeweller’s Block Insurance Policy is a Comprehensive Package Policy specially designed to cater to the needs of Jewellers and Diamantaires.
A Comprehensive Jeweller’s Block Policy provides Insurance for Losses due to Fire within Premises, Theft or Burglary within Premises or Losses which occur when the Jewellery Stock is in Custody of Directors, Employees, Brokers, Sorters etc.
Additional Insurance when you are transporting Jewellery Stock for Exhibition or Theft by Employees can also be opted for.
What are the Coverages in a Jeweller’s Block Insurance Policy?
A Comprehensive Jeweller’s Block Insurance Policy will Insure practically all the risks that a Jeweller faces during the course of his business.
Some of the Coverages in a Comprehensive Jeweller’s Block Insurance Policy include:
- Stock In Premises:
This is an All Risk Cover. This Cover provides reimbursement to the Insured Party on account of the Loss or Damage to the Jewellery when it is stored within the Premises. It will cover Losses due to Fire, Theft, Burglary, Earthquake, Flooding etc. - Stock in Custody of Directors, Partners, Employees:
A lot of times Directors or Partners of the Firm will have the Jewellery Stock in their possession for showing it to Customers or taking the Jewellery from Brokers or Cutters. During such time, the Jewellery will not be stored within Premises. This section will cover any Theft or Burglary of the Jewellery that will happen when it is in the Custody of the Directors or Partners of the Company. - Stock in Custody of Third Parties such as Cutters, Brokers, Agents, Goldsmiths, Dealers, Clients:
A lot of times the Jewellery Stock will be given to the Third Parties like Cutters, Brokers (who are not company employees) for the purpose of designing or showing it to Customers. This Section will reimburse the Insured Party on account of the Loss or Damage that happens when the Stock is in the Custody of such Third Parties. - Stocks in Transit:
Many times, Jewellers use Angadias, Couriers or Air Transit to send Jewellery to Customers located in different cities. This Section of the Jeweller’s Block Insurance Policy will reimburse the Insured Party on account of Loss or Damage that happens to the Jewellery whilst in Transit. - Stocks in Exhibition:
- Jewellers frequently display their Jewellery in various Exhibitions around the Country. These Exhibitions are risky in the sense that a lot of people visit them, thus making it susceptible to Theft. A Comprehensive Jeweller’s Block Insurance will cover for Losses that happen during Exhibitions as well.
- Fidelity Guaranty (Theft by Employees):
- This Section covers for the loss that is suffered by the Employer on account of Fraud or Dishonesty committed by Employees in respect of the Money or the Jewellery Stock stored within the Jewellery Shop.
- In addition, Add-On Covers for Loss or Damage to Furniture and Fixtures within the Premises or Public Liability for Bodily Injury to Customers can also be opted for.
What is the Sum Insured under Jewelers Block Insurance Policy?
The Sum Insured under a Jeweller’s Block Insurance Policy would be the Maximum Value of the Stock stored within Premises. The Sum Insured is normally calculated as Cost + 10% where the 10% accounts for the Costs such as Freight and Duty, Glazing, Finishing, Making Charges etc.
Jewellers Block Insurance
We provide a wide range of insurance covers offering protection for a jewellery shop business written under a style of contract called a Jeweller’s Block Insurance policy. Monthly instalments by direct debit can be arranged.
What is Jewellers Block Insurance?
Jewellers Block insurance is a specialist class of business suitable for businesses operating in the jewellery trade including: retailers, wholesalers, repairing and manufacturing jewellers and pawnbrokers. We cover shop premises and web based business as well.
Our policies are securely underwritten at Lloyd’s of London who have a long association with assisting the jewellery industry.
The insurance markets we use, in addition to providing comprehensive insurance cover, employ the services of experts who will be able to advise on the latest security available to help protect your business. They can provide valuable assistance with advising on anti-theft deterrents such as: panic buttons, fogging devices, alarm systems and shop front and internal glass.
Jewellers Block Insurance – Covers available.
Cover is arranged on an “All-Risks” basis and can include a variety of scenarios covering your valuable stock items whilst in or out of the safe, in display and window cabinets, at home, whilst travelling (including overseas) and whilst left in an unattended vehicle or being worn by members of staff.
We will quote for business of all sizes and you can choose a sum insured to suit your needs. Item of stock which include jewellery, gold, silver, platinum, bullion, plate, precious stones, pearls, clock and watches can be insured on either a “Cost” or “Replacement cost” basis. Seasonal sum insured increases are available to suit your own circumstances.
Goods that are entrusted to third parties such as: assay offices, restorers, dealers, cutters and brokers can also be covered.
We will also insure Jewellery being sent by post or courier and you can select exhibition insurance if you attend jewellery trade shows and exhibitions.
We are confident that we can match a policy to your exact needs. There is a good deal of flexibility with the cover on offer. Policy sections include: