Page 409 - IC38 GENERAL INSURANCE
P. 409
G. Jewelers‘ Block Policy
In recent years India has emerged as a leading center in world trade for
jewelry, especially diamonds. Imported raw diamonds are cut, polished and
exported. It takes care of all risks of a jeweler whose business involves sale of
articles of high value in small bulk like jewelry gold & silver articles, diamonds
and precious stones, wrist watches etc. The trade involves stocking these
expensive items in large quantity and moving them between different premises.
1. Coverage of Jeweler‘s Block Policy
Jewelers block policy covers such risks. It is divided into four sections.
Coverage under Section 1 is compulsory. The insured can avail of other sections
at her option. It‟s a package policy.
a) Section I: Covers loss of or damage to property whilst in the premises
insured, as a result of fire, explosion, lightning burglary, house-breaking,
theft, hold-up, robbery, riot, strikes and malicious damage and
terrorism.
b) Section II: Covers loss or damage whilst the property insured is in the
custody of the insured and other specified persons.
c) Section III: Covers loss or damage whilst such property is in transit by
registered insured parcel post, air freight etc.
d) Section IV: Provides cover for trade and office furniture and fittings in
the premises against the perils specified in Section I.
Each section is separately rated for calculating premium.
2. Important exclusions are:
a) Dishonesty of agents, cutters, goldsmiths,
b) Property kept during public exhibition
c) Lost whilst being worn / carried for personal purpose
d) Property not kept in safe outside business hours
e) Property kept in display windows at night
f) Loss due to infidelity of employees or members of the insured family is
not covered.
Fidelity guarantee cover should also be taken by the insured for full
protection.
3. Premium
Risks are rated on merits of each case. Different premium rates are applied for
each section with discounts for exclusive round the clock watchman, close
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