Jewelry traders, manufacturers, exhibitors or repairers are exposed to the risks of loss of or damage to their own property and their stock. These can include jewelry such as gold and silver ornaments, pearls, precious stones, cash, currency notes, watches, gold/silverware etc. Losses can occur whilst they are stocked in their own premises or whilst being carried outside of their premises through their employees, agents, etc. for their business. These valuable precious metals and stones are also generally displayed in their shops or premises and are at risk of theft, sleight of hand or just shop lifting by organized criminals equipped with arms and knowledge of the premises and escape routes.
Before insuring these items, there are some important pre-requirements including the type of construction and location of the business, reputation or standing of the proposer, past claims history, security systems like night occupancy, availability of a watchman, installation and maintenance of CCTV, alarm systems installed and in working condition, the alarm systems connected to Civil defense or police stations, details of safe/strong room, value of jewelry at different places i.e. being displayed, at counters, in the safe or strong room etc. Other risks associated with them include transfer of the jewelry overseas by Sea or Air freight, registered mail or courier service, etc.
Jewelers block Insurance can cater to most of the needs of a standard jeweler but as this business has a variety of risks factors, the policy may have to be tailor made. Standard risks covered under jeweler’s block policy are theft, burglary, housebreaking, hold up, robbery or attempted robbery, sleight of hand, fire, lightning, storm, tempest, flood, bursting or overflowing of water pipes and apparatus, impact by any road vehicle, horse or cattle not belonging to or under your control, riot and strike, malicious damage, explosion, accidental sprinkler leakage etc.