Property Insurance

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What happens when your business is to sell the most valuable and precious items that people dream to own all their life?
Yes! Here we talk about the Jewellery stores.
These ‘worth-a-billion’ shops are the ones that welcome frequent visitors round the year and are popular during festive and wedding seasons in our country. However, the shining adornments displayed by these stores might seem a dream business to own for commoners, only the owners are aware of the extent of risks they face while standing behind the counter every single day.
There have been numerous occurrences of burglary, including one that took place in the heart of the National Capital last year, in which several prominent jewellery stores of respective areas have been robbed in broad daylight.
These threats are further ignited as the precious merchandise in these shops is easily portable which makes it much simpler for the criminals to make easy money.
Increased Security
In the wake of such threats, many store owners have taken multiple safety steps to prevent such unwanted incidents like:

  • Installing CCTVs and video surveillance systems that give real-time images of the shops
  • Locking showcases when not in use during lunchtime or night-time
  • Locking up windows and doors before the last individual leaves.
  • Removing all display items at the night time
  • Placing jewellery in a safe or a passcode protected vault.
  • Building a store with good-quality material that protects it from earthquakes
  • Proper management of the merchandise through installing several safety vaults at safe distances from the costumer or third-party.

These measures help reduce the untoward incidents or catch the culprits later. However, even the best security measures have proved to be ineffective at times. Therefore, there is a need for the last mile defence. A cushion or pool of money which can be used to stay unaffected by a sudden loss. Enabling the business to continue while the law does its work.
Property Insurance for Jewellery Stores
Since even the best security arrangements leave some space for a loss, it is better to have the last mile cushion to get the business going after the loss. A property insurance in the form of shop and content insurance is one such cushion.
Precious items and jewellery are usually excluded from the insurance cover. But, for a jeweller these are goods in trade, and thus these can be insured. However, the policy is specially designed for jewellers and is known as Jewellers Block Policy.

What is Covered By “Jewellers Block Policy”?

The policy safeguards the following items (properties):

  • Jewellery, ornaments, plates, pearls, precious stones, cash, and currency notes (Goods in trade)
  • Loss of Business
  • Office Furniture & Fixtures

Jewellery or other precious items can also be covered while in transit or in custody of the insured or a representative of the insured.
This cover can also be availed by those businesspersons who deal in jewellery or items made from precious metals which are often not considered “jewellery stores” per se in the common language.

Which Cost is Covered?

Depending on what is insured the following method is used:

  • For goods in trade, transit, or custody: Cost of purchase of the goods (jewellery, pearls, ornaments,)
  • For Building and furniture: Cost of replacement or market value.

Apart from protecting the precious inventory of the store, the cover will reimburse one for any damage to the decor, the safety vaults, or the display places of these items in case of a burglary attempt.
The cost of resetting the whole business once again at the same level can prove to be almost unaffordable given the rising property rates and inflation in the country.
But, with an insurance policy as a backup plan, one can remain assured of safety and security even if an unfortunate event does take place.
The cost of Insurance?
The premium you pay will depend on the value of the insured properties, but a discount is also applicable if your store has additional safety measures as mentioned at the beginning of this article.
Jewellers policy is a packaged policy and is customized property insurance for jewellery traders, including those specifically involved in the diamond trade.
How to Buy?
Buying a jewellers block policy has been made easy with the help of internet. SecureNow is a corporate insurance advisor with online presence and services. With SecureNow you can provide your details through the online portal, compare multiple insurance policies online and apply whichever suites you best.
If you need a better understanding of the terms and conditions, 24×7 customer support is also available at SecureNow to answer all your queries before and after the policy investment.
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