Jewellers Block Insurance is a special package policy designed to meet the various insurance requirements of jewellers pursuing their business.
This type of insurance provides cover for loss of, or damage to, the insured property (i.e., jewellery, gold/silver ornaments, pearls, precious stones, cash, currency notes, watches, gold/silverware, etc.) by an insured peril, whilst in the premises where the insured’s business is carried out, or whilst being carried/conveyed outside the specified premises by either the insured, or his employees, agents, etc., for the purpose of business only.
Insured property (excluding cash and currency notes) can also be insured whilst in transit by registered mail, airfreight, courier service, etc.
Perils/contingencies covered under this insurance include fire, lightning, storms, tempest, floods, bursting or overflowing of water pipes and apparatus, impact by any road vehicle, horse or cattle not belonging to, or under the control of, the insured, riots, strikes, malicious damage, explosions, accidental sprinkler leakage, burglary, housebreaking, theft, hold-ups, robbery or attempted robbery and sleight of hand.
In addition to the above, loss or damage to office furniture, fixtures and fittings being used in connection with the insured’s business whilst within the insured premises can also be insured under the package.
Some of the important underwriting considerations for insuring this risk are:
- The claims history
- Reputation/standing of the Insured
- Security factors like occupancy at night
- Night watchman
- Alarm systems in place
- Closed circuit TV
- Details of safe/strong room
- Construction of the building