Liechtenstein Insurance of Jewelry Basic Need

 Insurance of Jewelry Basic Need 

By Aamir Mannan.

The policyholder must:

– Implement all measures suitable to the circumstances to protect the insured goods against 

the insured risks (GIP C 4);

– Inform AXA without delay of the occurrence of an insured event and do everything possible 

to minimize the loss/damage (GIP B 1);

– Inform the police without delay of theft (GIP B 1);

– Inform AXA without delay if missing objects are recovered (GIP B 6);

– Notify AXA immediately of any change in address (GIP A 2.3), relocation abroad (GIP C 1.3) 

and any change affecting the circumstances taken into account in assessing the risk.

Insurance coverage begins on the date specified in the policy or any other confirmation of 

insurance coverage. The contract is concluded for the term specified in the policy. At the end 

of the contract term the contract is automatically renewed by 1 year at a time, unless one 

of the contracting parties terminates the contract by giving 3 months’ written notice. If the 

contract has been entered into for a period of less than 1 year, it lapses on the stated date 

(GIP C 1).

The following data is disclosed to AXA during the course of contract negotiations and during 

the life of the contract: 

– Client data (name, address, date of birth, sex, nationality, bank account details, etc.) stored 

in electronic client files; 

– Application data (information on the insured risk, responses to questions in the application, 

expert reports, information from the previous insurer on the prior claims history, etc.) stored 

in the policy files; 

– Contract data (contract term, insured risks and benefits, etc.) stored in contract management systems such as physical policy files and electronic risk databases; 

– Payment data (date premiums received, outstanding premiums, reminders, credit balances, 

etc.) stored in collection databases; 

– Any claims data (claims reports, adjustment reports, invoice documents, etc.) stored in 

physical claims files and electronic claim processing systems.

This data is needed to verify and assess the risk, to administer the contract, to require payment of the premiums by the due date, and to settle claims correctly. The data must be stored 

for at least 10 years following termination of the contract; claims data must be stored for at 

least 10 years after settlement of the claim.

If necessary, the data will be provided to any third parties involved, specifically to other participating insurers, pledge holders, public authorities, lawyers, and external experts. Data may 

also be provided to third parties to detect or prevent insurance fraud. 

In order to simplify administrative procedures and for marketing purposes (to provide our clients with an optimum product and service package), the companies of AXA Group operating 

in Switzerland and the Principality of Liechtenstein grant each other access to master data (to 

identify the client), basic contract data (except for application and claims data), and client 

profiles.

Further information is provided in the application and the policy as well as in the General Insurance Provisions (GIP).