Jewellers’ Block Insurance

The policy comprises four sections which are optional except for section I which is compulsory:

• Section I: Provides coverage for loss or damage to jewellery, gold, silver ornaments or plates, pearls, precious stones, cash, and currency notes within insured premises due to various perils such as fire, explosion, burglary, theft, and more
• Section II: Ensures protection for jewellery, gold, etc. while in the custody of the insured, partners, employees, directors, sorters of diamonds, brokers, agents, cutters, and goldsmiths
• Section III: Covers loss or damage to property described in Section I during transit via registered parcel post, air freight, or Angadia
• Section IV: Insures against loss or damage to trade and office furniture and fixtures within insured premises caused by fire, explosion, burglary, theft, riot, strike, malicious damage, and terrorism

The insured jewellers must be wholesalers or retailers

• Establishments whose work is predominantly manufacturing like cutters and goldsmiths are excluded from the scope of this insurance.
• Angadias, brokers or pawn brokers, etc. are not eligible for this insurance.

The insurance cost varies depending on business size, jewellery type, and risk factors. Generally, this insurance is affordable, with potential discounts for premises equipped with strongrooms, vaults, burglar alarms, and CCTV systems.

The sum insured for Sections 1 and 2 represents the cost price of jewellery items, while Section 3 represents the maximum potential loss from a single incident. Section 4 is insured based on the market value of the property.