Is your Jewelry in safe hands?

Diwali is one of the biggest and most widely celebrated festivals in India. It is a festival celebrated with lights, sweets, gifts, crackers, and merriment. The festival is a week-long affair where every day has a special significance.

Dhanteras, Choti Diwali, Diwali, and Bhai Dooj are celebrated with family and close friends. There is merriment, fun, food, and celebration all around.

Precious Jewlery needs to be protected both for monetary and emotional purposes. The most common and traditional way to safeguard precious jewelry is through bank lockers. Jewlery insurance is another way to protect your jewelry. Although you can avail of this type of insurance along with a home insurance policy, there are some standalone jewelry insurance products in the market as well. If taking a home insurance policy, you can choose to go for contents cover that includes valuables and jewelry protection.

Benefits of Jewlery Insurance:

Having a lot of jewelry locked up at home is not really a safe option anymore. It is very important to shield the jewelry you own as it has many benefits:

• Jewlery comes to the rescue when you are faced with misfortune and are in sudden dire need of funds.

• Having insurance on the jewelry saves you from the trouble of opening a locker with the bank.

• Bank lockers are not fully safe and there is always a certain amount of risk associated with it.

Jewlery Insurance Covers:

Jewelers Insurance covers theft of jewelry, accidental loss, burglary, or damage to jewelry kept in some fixed bank lockers. Some insurance policies offer protection to jewelry worn in person as well. Typically, there is a sub-limit on the jewelry to be insured. However, some policies provide a separate all-risk cover for valuables and jewelry where you can choose a suitable sum assured.

Process of Applying for Jewlery Insurance:

The following factors play an important role in applying for jewelry insurance:

• Valuation – While applying for jewelry insurance, you are required to present a list of items that will be covered along with their valuation. Valuation certificates of the jewelry can be attained from a reputed jeweler as it may be required for items of high value.

• Cost Factor – Premium towards jewelry insurance depends on the total sum assured. However, you can always try to avail discounts from the insurance company.

• Filing a Claim – In case of loss of the insured jewelry, you must file a claim with the insurance company. The claim form needs to be filed along with the details of the loss and valuation of the jewelry. You are also required to provide a report from the fire department in case of fire and an FIR in case of theft of jewelry. It is also advisable to keep a copy of the insurance policy.

• All-risk Cover – The insurance should be an ‘all-risk cover’ which provides protection against fire, burglary, and other perils. Some covers are 100% insured, while some are on a ‘first-loss limits’ basis, which implies a portion of the jewelry’s value is insured. The insurance company determines the maximum probable value that can be lost in a single incident. This value is termed as the first loss sum insured.

Exclusions:

Jewlery insurance cover excludes loss of jewelry or damage during war, terrorist attack, or riot. The cover also excludes any damage to jewelry caused by a willful act by the proposer, his or her domestic staff, family member, or the disappearance of items. Insurance companies also do not cover any loss of jewelry owing to theft or burglary from a home left unoccupied for 30 days continuously.

List of Companies Providing Jewlery Insurance:

Some of the companies providing jewelry insurance in the country are:

1. The New India Assurance Co. Ltd. - Jewelers' Block Policy: This policy is exclusively designed for jeweler's and diamantaires. The policy terms and conditions differ based on the Sections under the policy. There are various sections such as Sections I, II, III, and IV.

2. HDFC Ergo - Jeweler's Package: HDFC Ergo’s Jeweler's Package insurance policy provides protection cover for jewelry such as gold and other precious jewelry.

Before finalizing a jewelery insurance policy, check your policy document in detail and understand all the terms and conditions related to the cover. You must also be aware of the exclusions of the policy as it is as important as the cover.

Feel safe in the warmth of Diwali

While a lot of traditions have undergone transformations, the season of Diwali has traditionally been an auspicious time to begin big projects. Each big dream begins with tiny steps.

How Do WE help you?

And many more benefits waiting for you.

We at CKP assist you in providing Jewelry Insurance adhering to your needs and requirements. We do understand the importance of a swift response and also assist you in getting your claims approved in a brisk too.

Book an appointment with us to understand more about the benefits .You can reach out to us at info@ckpinsurance.in or +91 9920099273.