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

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.