Do Insurance Companies Give Locker Insurance?
Insurance companies dealing with non-life (general) insurance products do not cover bank lockers for the purpose of extending insurance cover under household package policies. However, in case one wishes to have insurance cover for jewellery items and/or currency notes kept in bank locker(s), insurance cover under ‘jewellery block insurance policy’ (as a part of household package policy) is being made available by most of the insurance companies in India. Note that such insurance cover is only for ornaments and other pieces of jewellery as well as cash. 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).