• Jewellery holds significant value both financially and sentimentally. It necessitates careful handling and protection, as its delicate nature makes it highly susceptible to theft, loss, and damage. One of the most dependable methods to safeguard these valuable items is to invest in a suitable jewellery insurance policy.

What is jewellery insurance?

• Currently, numerous insurance companies in India are providing promising jewellery insurance policies. It serves as a protective barrier for all your insured jewellery items. If any of them are lost or stolen, you can file a claim for compensation from your selected insurance provider, according to the terms of your policy. Jewellery may also be covered under home insurance policies. Nonetheless, even with home insurance, it is advisable to maintain a separate jewellery insurance policy for enhanced coverage protection.

Inclusions

While every insurance provider’s jewellery insurance policy may differ, there are certain standard inclusions that are typically found in jewellery insurance, which include:
• Loss or damage of jewellery due to natural disasters such as floods, earthquakes, lightning strikes, fires, etc.
• Burglary, theft
• Chain snatching
• Accidental loss
• Loss due to home invasion
• Loss or damage of jewellery from bank deposit boxes

Exclusions

Similar to inclusions, the exclusions list also varies from one policy to another. However, certain common situations where a claim may be rejected include the following:
• Intentional actions that result in the loss or damage of jewellery
• Loss or damage of jewellery outside the defined territorial limits
• Loss or damage due to exposure to explosions from spontaneous combustion, natural heat, or boilers
• Loss or damage resulting from war, nuclear attacks, wildfires, or terrorism
• Loss or damage occurring during cleaning, repairs, or similar activities

Documents required for claim settlement

• To facilitate a smooth and straightforward claim settlement, you must substantiate your claim by providing the required supporting documents along with your claim settlement application form.
• In instances of theft or home invasion, it is necessary to file an official police report and include a copy of the FIR with your claim application. Likewise, in the case of loss or damage due to a fire incident, you must provide a report from the fire department.
• Additionally, it is advisable to submit a clear valuation report of your lost and/or damaged jewellery. This will simplify the assessment process for the insurance authorities and expedite the overall claim settlement.

Conclusion

If your claim adheres to all the principles, terms, and conditions outlined in your selected policy, you can file and fulfill your claim for lost jewellery. It is prudent to invest in jewellery insurance even if you store your jewellery in a bank locker. Banks do not assume full responsibility for safeguarding your valuable belongings in the event of incidents such as fire outbreaks or break-ins at the bank location.
Disclaimer
The information provided above is for illustrative purposes only. For further details, please consult the policy wording and prospectus before finalizing the sale.