Jewellery and Valuables

Jewellery and Valuables

Items covered


Jewellery - Jewellery means articles of personal adornment containing gemstones, silver, gold, platinum or other precious metals.
Valuables - Valuables shall mean 
1.    Crystal ware.
2.    Wristwatches above Rs.10000/- in value.
3.    Silver articles.
4.    Gold in forms other than jewellery* (in the form of coins or any other structure)
(*for arriving at the limit per item in respect of all the other forms of Gold other than jewellery, like coins (irrespective of the number of coins) or any other structure, the entire lot will be clubbed as one item and the limit per item will be applied on the whole lot and not on each and every item)



Loss or damage of Jewellery and Valuables whilst contained in the Insured premises/ housed securely in a locker or Safety Deposit Vault located within the premises of any recognized commercial bank in India whilst in as stated in the Schedule, caused by or arising out of,
Perils covered (Named perils)
A)   Fire & Allied Perils.
B)   Burglary & Housebreaking including theft.
C)   Snatching of Jewellery anywhere in the world whilst worn by the Insured person or family members, whether or not in the Insured Premises.

Important Conditions:


1.Where any Jewellery item lost consists of articles in pair or set, the Company’s liability shall be restricted to the extent of that particular item lost without reference to any special value which that item may have as part of such pair or set.
2.It is warranted that the locker key is kept in highly secure place and you are duty bound to inform the police and lodge an FIR if found lost.
3.It becomes a condition precedent to admission of liability that the list of jewellery items kept inside the locker be kept on record by you for each transaction. The Onus of Proof lies with you.
4.It is necessary that you lodge a claim with the bank, listing out the items which have been kept inside the locker and found lost.
5.Coverage is restricted to India excepting when loss or damage is due to snatching whence it is covered worldwide.

Important Exclusions applicable for this section:


1. Loss of bullion, unset/loose precious stones/ gems not forming part of Jewellery and valuable.
2.Loss of Jewellery and valuables whilst being carried as an accompanied baggage.
3.Loss of Jewellery whilst being conveyed by any carrier under contract of affreightment.
4.Loss attributable to over winding, denting or internal damage of watches and clocks.
5.Denting or internal damage of jewellery and valuables.
6.Negligence of   you/your family members/bank in failing to securely lock the locker resulting in loss of jewellery and valuables.
7.Loss of jewellery/valuable attributable during the operation of the locker by You or Your authorized representative.
8.Loss or damage of jewellery and valuables noted whilst stock taking or any mysterious disappearance.
9.Loss or damage caused by mechanical or electrical derangement/breakdown.

Basis of coverage


1.Bronze - Fixed sum insured limits. Market Value basis against named perils with deduction for wastage and with per item limit.
2.Silver/Gold – Market Value basis against named peril basis with deduction for wastage and with per item limit.
3.Silver/Gold – Market Value basis against named peril basis with deduction for wastage and with per item limit and with a 10% loading on premium rates for waiver of per item limit.
4.Platinum & Diamond - Market Value basis against named peril basis with deduction for wastage and without per item limit.