Can you cover your jew­ellery (in locker) with in­surance?

Consumer Voice - - BFSI Guide -

There are a few non-life in­surance com­pa­nies who of­fer in­surance cover against jew­ellery stored in a bank locker, un­der a clause ti­tled ‘jew­ellery & valu­ables pro­tec­tion sec­tion’. The con­tents sec­tion cov­ers ac­ci­den­tal loss, dam­age, bur­glary and theft of jew­ellery and other pre­cious items, in­clud­ing jew­ellery kept in bank lock­ers. There is usu­ally a sub-limit (ceil­ing amount of claim) for such jew­ellery cover. Some in­surance com­pa­nies of­fer poli­cies with a sep­a­rate all-risk-cover sec­tion for jew­ellery and valu­ables, where one can choose a suit­able sum in­sured. All this in­volves a lot of pa­per­work and the pro­ce­dure of declar­ing the pur­chase value, year of pur­chase, pur­chase in­voice and weight of jew­ellery/or­na­ments in grams, which is ap­praised by a regis­tered/no­ti­fied jewel ap­praiser un­der the in­surance company’s panel (for as­cer­tain­ing the val­u­a­tion of the jew­ellery). The av­er­age pre­mium for jew­ellery in­surance cover placed in a bank locker could hover around Rs 5,000 to Rs 8,000 per year for an av­er­age cover of Rs 500,000.

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