Why Insurance is so Important?
- An increase in the gold rate & its resale value.
- An increase in the rate of unemployment leads to an increase in the rate of crime.
- In 2024, India saw a significant rise in crimes targeting homes, with dacoities increasing by 23% and burglaries by 25.2% compared to the previous year.
- Direct proportion between Gold, Diamond rates & Crime ratio has increased by 200%
Why Does a Jeweller Need An Insurance?
PROTECT : YOUR SHOP WITH “JEWELLERS BLOCK POLICY"
Sec 1: Stock On Premise
Coverage – Fire, Burglary, Theft, Note -Full insurance, Stock in safe Exclusion – Duplicate keys, fidelity, Negligence
Sec 2(a): Transit
Any loss in travelling by owner /
partners or employee’s
Sec 2(b): Goldsmith
Any loss at karigar place. Any loss while in travelling by karigar.
Sec 3: Angadia / Logistic
BVC, SEQUEL and Angadia loss cover.
Sec 4: F. F. F.
Furniture loss by fire (Reinstatement value) EQ / FST / RSMD / Terrorism
Sec 5 : Cash in Office / Transit
Any loss in travelling by owner / partners or employee’s
Sec 6(a): Fidelity Guaranty
Dishonesty done by your own staff.
Sec 6(b): Third Party Karigar
Dishonesty done by your own karigar Angadia / Hallmarking.EXCLUSIONS - JEWELLER’S BLOCK POLICY DOES NOT COVER THE BELOW :
- Any theft in which you have kept your stock unattended in your Car, Bus, Train or Hotel Room etc.
- Dishonesty, Fraud, Theft done by Employees or if they are involved in a theft, it is not covered. (Take Employee Fidelity Policy)
- Dishonesty or Fraud done by your Goldsmith, Angadia, Logistic Company. (Take additional 3rd Party Fidelity Guarantee Policy)
- Loss of stock carried for Exhibition, Export or at Exhibition site. (Take additional Exhibition Policy)
- Theft of the stock which was outside the safe after business hours.(Cover it by giving additional premium)
- Loss due to use of duplicate keys unless such keys are obtained by threat or violence.
- Hypnotism & stock missing at stock taking is not covered
- Section 4 Furniture & Fixture – Only those FFF & Content covered which are in our Book of Accounts.Thus Please takes full value of your FFF & Content in your policy on current market value otherwise under insurance will be applicable.
- Section 4 Does not cover breakage of glass, Internal Burning(Implosion) of electric equipment etc, Neon sign board as per market value (Take seperate policy)
- Negligence part not covered in insurance policy thus ask your employees, goldsmith, logistic companies & other third parties contractors to travel with your goods in a proper manner.
Instore Safety Tips
III. HALLMARKING IS COVERED UNDER SECTION II B :
1) It is always advisable to send our own employees for delivering and collecting jewellery from
hallmarking centers.
2) Work with reputed and known hall making centers only. Do not over deposit your stock with them.
IV. SAFETY MEASURES TAKEN FOR TRANSIT
Below is Our personal suggestions which are Not Compulsory but Important.
1) For outstation traveling send minimum two persons.
2) Use hard board bag while traveling which cannot be cut by Cutter.
3) Always lock the bag with Iron chain.
a) Do not put all jewellery in one bag, It should be divided into different bags.
b) Do not keep Bullion and Cash in bag, it should be kept in your Inner Jacket
4) TRAIN : Always travel in AC Reserved Compartments.
1) In Day time, Bag should be locked with chain and kept below the seat with feet touching
the bag.
2) At Night i.e. sleeping time, Bag should be locked with chain and kept below your
head or someone should be awake
5) BUS :
1) In the bus, always keep your bag with the locked chain between two legs.
2) Avoid use of local and passenger bus while traveling, always travel by luxury bus.
V. DOCUMENTS REQUIRED – AT THE TIME OF CLAIM:
- Police F.I.R. and Final Investigation Report
- Serial Number wise Travelling Voucher, Bank statement, Stock Register.
- Make payment/salary to your employees by Cheque and also make their Court Affidavit. (I.M.P.)
- Maintain all your employees complete details like Aadhar card & Pan Card and Family contact details etc.(KYC)
- Give stock to known and renowned logistic company & Angadia and declare full value for the parcel
3RD PARTY GOLDSMITH INFIDELITY DO’S AND DON’T’S :
KYC – Please keep complete details of your Goldsmith like Aadhar card & Pan Card etc –Take his market reference and also visit his premises and take surprise physical stock taking.
Labour Voucher – Please issue and get goldsmiths sign on all the issue voucher.
Past Record – To get claim it is very important to prove that you were working with that goldsmith for a long and consistent duration, thus please pay labour chargers to goldsmith via bank transfer etc and deduct TDS. Do not pay labour in form of wastage – Do not do sales transaction – Also avoid doing big transaction with new goldsmith.
Manufacturing Cycle – Do not keep the stock with your goldsmith for a long period say if it takes 15 days
for jewellery to manufacture but even after 30 days the goldsmith is not returning goods please send a
person and take physical stock – Ask him to return good and do nil balance once- if he delays please inform
us, and insurance company. Police FIR is compulsory for any claim. – Keeping gold deposit or giving gold
loan is not covered in the policy
Any of this can happen with you.
