Jewellers Block Policy
- It cover the stock on the premises (silver, gold, diamond, platinum, jewellery and bullion) during day and night for 24 hours against loss of risk of, burglary , robbery, decoity ,theft ,shoplifting ,hold up ,fire and allied perils, earthquake, flood, storm ,tempest ,terrorism, etc. it covers cash also.
- During day-time or business hours stock and cash can remain outside safe or strong room but after business hours cash and all the stock must go in the safe or strong room , if some stock is kept outside safe after business hours can be covered by paying additional premium.
- It covers transit of stock done by the owner or employee of the firm within India with proper traveling vouchers, please note that we have to prove that the person is the owner or employee in the firm at the time of claim.
- It covers the loss of stock in custody of goldsmith , agents , brokers , cutters in transit and on his premises against burglary , robbery, theft , decoity, shoplifting , fire, earthquake , etc. but it should be with proper issue and receipt vouchers.
- Air cargo : - When a parcel is sent through airline and parcel is lost between airport to airport it is covered in Sec III a of policy. Minimum 5% or 1% of the value should be declared to the air line.
- Angadia : - If a parcel is lost in the custody of angadia is covered in this section, it covers angadia, courier, logistic companies etc.
- Registered post parcel : - If a parcel is lost while in the custody of government post parcel it is covered in this section.
- It covers furniture, fixtures and fittings and electronic equipments against fire and allied perils, earthquake, riots, strike, malicious damage terrorism, robbery, theft, etc.
- It covers cash on the premises against the risk of fire earthquake, riots, strike malicious damage, robbery, theft, shoplifting, burglary, etc.
- It covers cash in transit by owner and or employee within India as per business requirements.
Fidelity Guarantee Insurance
It covers dishonesty done by employee of the firm (cash or stock)
- Dishonesty of goldsmiths or customer were in they do not return goods or become insolvent.
- Loss due to duplicate keys of safe unless such keys are obtained by threat or violence.
- Stock missing found while stock taking.
- Any losses due to your mistake or negligence.
- Loss due to terrorism, etc if such perils is not taken.
- Theft or disappearance of stock where the said stock was kept unattended in a vehicle, hotel room or any other places.
- Due to any reason or under any Government law, rules if the said stock is confiscated the insurance policy is not applicable.
- The safe should be of standard make (fire & burglary proof) and keys should be removed outside the office at night.
- Even If we close our shops for lunch all the stock should be kept inside safe or few employees should be present in the shops.
- Show one tray at a time to avoid shop lifting.
- CCTV is necessaries for all jewellers to prove shoplift case.
- Jewellers Block is applicable to under insurance i.e. if a jewellers has Rs.100 stock but he takes an insurance policy of Rs. 50 then he is under insured by 50 % therefore if there is a claim of Rs.100 he is only untitled to get 50 % of Rs.50 i.e. Rs.25
- Maintain books of accounts regularly.
- Take dishonesty insurance policy for cheating done by employees.
- While travelling with stock always send two people i.e. to market, bank etc.
- Pay staff by cheque.
- Window, Ventilator, AC should be grilled from outside.
- At the time of claim contact your agent first.