The policy offers comprehensive cover to a dealer of gold and jewellery. A host of perils are covered under the policy, providing protection to stock which includes gold, jewellery, precious stones, etc as well as the furniture, fittings. The policy can be taken by jewellers who are wholesalers or retailers. This is a Package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds. 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 pawn brokers etc. Jewellers premises are categorized into Class I, II or III depending upon the type of security provided for the premises.
Scope of Cover
The policy comprises four sections and out of which section I is compulsory
Section I: Covers loss or damage to jewellery , 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 jewellery, 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.
Earthquake (Only For section I and Section IV)
STFI (Only For section I and Section IV)
Terrorism (Only For section 1 and Section 4)
Exhibitions and/ or Trade Fairs
Dishonesty of Cutters, goldsmiths, Refinery owners and Jewellery Manufacturer of insured’s Property.
The sum insured under Section I and II should represent the cost price of the jewellery 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
Damage to property at a public exhibition.
Theft or disappearance of property.
Depreciation, gradual, deterioration, wear, and tear, moth, vermin, mildew.
Damage by theft or attempted theft committed by family members employees, custodians.
Damage following the use of a key to safe or any duplicate key.
Damage to property insured whilst in the window display.
Damage to the property whilst worn or used.
Damage to property while it is being worked upon.
Infidelity of Employees