It’s not about what new we can get to market. We can always get something old and present it better. After seeing decades-old into the business of jewelry and bullion, one thing we understood is that a jeweler puts all his life income and savings into increasing his stock at their outlets. They believe it’s the safest investment that will have a daily rotation with an increase in his customer base.
Being any of the precious or high-value stones or metals, it is always worrying and risky. We have seen many uncertainties like Theft, shoplifting, Burglary, hold-up robbery, Employee heist, and many more that occur either at the premises of the jeweler or their factory or during travel. Some of these losses were so serious that literally, jewelers had committed suicide! Keeping all this in mind, the jewelers’ insurance is a product that comes to the rescue. It has a lot of conditions like having a 24-hour watchman, maintaining policy concerned books of accounts, etc.
The Jewellery industry is a very unorganized industry with a high crime rate due to its high-value products. Such an industry cannot work on standard conditions imposed by insurance companies. But it needs an understanding of its daily functioning and operations and getting the same insured.
That’s how Ambicaa jewel insurance’s founder Akshay Kothari came into presence. He has derived specialized and tailor-made coverages from the insurance companies who deal in such insurance products on these certain key aspects from his experience in the jewellery related to trade. Here, certain conditions like having a watchman are not compulsory. Maintaining books as per your trade practice is alright. Only a minimal requirement of CCTV camera is present in the premises can now settle claims and protect from losses. This has made us reach even the minutest of Jewellers across south India today.
A Jewellers’ block insurance under its section 1 provided by us covers a stock in premises (Branches) via natural calamities like Storm, Tempest, Flood, Inundation, earthquake, fire, lightning, explosion, Implosion, riots, etc. and man-made disasters like Theft, attempted Theft, Burglary, Shoplifting, etc. Further, this coverage is extended to stock in the custody of employees, partners, directors, hall-markers, Smiths, cutters, goldsmiths, consultants, etc.
Further, the jewellers block under section 2 provided by us covers a stock in transit via professional courier or logistic companies or Angadias or post parcel all over India during stay and transit from natural and artificial perils. This is also extended to jewellers’ exhibitions, Trade fairs, and Photoshoots. Further, this product is extended to cash coverage and fidelity by employees or third parties. We also provide coverages to building, furniture, appliances, machinery, which helps the jeweller with full proof coverage at blanket option wherein no declaration is required from your side.
A lot of times, we come across in the industry as to why choose a private broker than directly buy from a company or any individual who sells insurance? We definitely understand your concern of price consciousness, but understand this is a product that hardly contributes to insurance companies 1-2 % of their entire risk book, so they hardly train the employees or agents to sell this product. We fill in their contribution of the required premium. They help us give tailormade coverages for the industry. So, directly approaching them might arise hassles during a tricky claim, or a specialised coverage might be required from a jeweller’s side.
So, now you can choose a highly recommended jewellers insurance contract facilitator who is from the jewellery field and has a good and reputed clientele for references across south India.
Our main advice to jewellers is to read or ask clearly what is covered and not covered don’t trust anyone in this sector blindly.
+91 9743042266/9620000415 Akshay Kothari – Claims Head
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