Everything You Need to Know About Jeweller’s Block Insurance Policy
Owning or operating a jewellery store is not easy. Apart from the regular business risks, a very important fear of running jewellery business is about the security of business. The inventory of jewellery stores is usually beyond crores which is a lot of value. In order to secure your jewellery there is jewellers block policy that can be useful to you. A Jeweller's Block Insurance Policy is a comprehensive package policy intended specifically for jewellers and diamond dealers. A Comprehensive Jeweller's Block Policy covers losses caused by fire, theft, or burglary, as well as losses that occur while the jewellery stock is in the custody of directors, employees, brokers. A Comprehensive Jeweller's Block Insurance Policy will cover almost all of the dangers that a jeweller may encounter. A Comprehensive Jeweller's Block Insurance Policy contains the following coverages: An All-Risk Coverage for Stock in Premises. The all-risk cover reimburses the insured party in the event that the jewellery is lost or damaged while being kept on the premises. It will cover losses caused by fire, burglary, theft, flooding, and other natural disasters. Stock in the Custody of Owners and Employees: Often, the jewellery stock will be in the hands of owners or staff for the purpose of presenting it to customers or obtaining the jewellery from designers and cutters. This coverage includes only jewellery theft that occurs while the jewellery is in the custody of the owner or employees in the store. Third-party holding jewellery stock i.e., agents, cutters, goldsmith, brokers, clients and dealers. The jewellery can be in any of these hands for various purposes. When the jewellery is in the custody of such third parties, this cover will pay the insured party for the damage or loss. Employee Theft: This addresses the loss because of theft done by the staff. Jewellery in Transit: Jewellers frequently utilise couriers, angadias to ship jewellery to customers. This cover of the Jeweller's Block Insurance Policy reimburses the insured party in the event that the jewellery is damaged or lost while in transit. Exhibition: Jewellers routinely exhibit their unique pieces at various exhibitions. These exhibitions are not easy to manage since they attract a large number of visitors, making them vulnerable to theft. Losses that occur during exhibitions are also covered by the comprehensive Jeweller's Block Insurance policy. Incase of any real loss or damage to your jewellery, if you are covered with : jewellers block insurance then simply follow these steps to claim the loss from your insurer. Report the loss to the insurer immediately. The loss report would be inspected and submitted by a surveyor. If you disagree with the surveyor's findings, you can request a copy of the report and file a written objection.