Indian Insurance of Jewelry Basic Need vol 3

Insurance of Jewelry Basic Need 

By Aamir Mannan.

We advice you to insurance your jewelry .You must insurance your jewelry ,It give benefit to you and it will also save your jewelry . in any in accident .company will your money pay. 

Be it the inherited gold set, the solitaire gifted on a wedding anniversary or gold coins bought on auspicious occasions, jewelry is valuable for both monetary and emotional reasons. We look at the two most common ways to protect it - insurance and bank lockers.

JEWELRY INSURANCE

The market has few standalone jewelry insurance products. While Axis Bank offers one such plan, Tata AIG's cover is for people with high net worth. However, one can avail of this cover under a home insurance policy. You need not buy a comprehensive plan that covers the house structure but can instead opt for a contents cover under which there is a jewelry and valuables protection section.

What it protects: 

The contents section covers accidental loss, damage, burglary and theft of jewelry and other precious items, including jewelry kept in some specified bank lockers. Some also cover jewelry worn in person. There is usually a sub-limit for jewelry. For instance, the maximum cover may be 25 per cent of the total sum insured for contents. This means if the contents cover is for Rs 0 .5 Million. jewelry worth only Rs 1.25.Hundred and twenty five thousand.  will be covered. However, there are policies with a separate all-risk cover section for jewelry and valuables where one can choose a suitable sum insured. The four public sector general insurers-Oriental Insurance, United India Insurance, The New India Assurance and National Insurance-offer such policies.

What it doesn't: 

Regular exclusions include loss or damage due to war, riot, terrorist act, willful act by the proposer, his family member or domestic staff and mysterious disappearance of items. The company will not cover any loss from burglary or theft if the home is unoccupied for a long duration, say, 30 days in a row.

Paperwork and Procedure: 

A list of items has to be made along with their valuation. Valuation certificates from a reputed jeweler may also be required for some high-value items. The rules for this differ from company to company. For example, Oriental Insurance seeks declaration of the number of diamonds on jewelry pieces if any single diamond is valued above Rs 2,500 or the value of a single item exceeds 5 per cent insurance value of all the contents. Future Generali asks for valuation certificates where the value of an individual item exceeds Rs 10,000 or 10 per cent sum insured.