Specialty Line Insurance

The Specialty line insurance encompasses that section of insurance industry that involves more unusual and complex risks. From professional liability to hard to place accounts and unconventional lines.

Fine Arts Insurance Policy

Fine art, Antique Furniture, Musical Instruments, Statues and sculptures and other important collectibles are increasingly viewed as precious assets. This insurance cover is designed to meet the needs of a Corporate Collector, Individual Collector, Fine Art Dealer, Museums, Antique Dealers and Art Exhibitions. Policy provides comprehensive protection to the insured property including insured property while in transit within India.

Coverage

Includes any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded.
Includes any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded This Policy also covers all Insured property whilst in transit on basis whilst on premises on display including storage within the territorial limits mentioned in the schedule for the purpose of business or profession. Art Insurance Policy is subject to below inbuilt coverages:

New Acquisitions Clause – Up to 25% subject to maximum of Rs 50 lakhs
Sue and labour Clause – Upto 10% claim amount.
Debris Removal Clause – Upto 10% claim amount.

Extension

For additional premium, the policy can be extended to cover:

Sum Insured

Fair Market Value to be agreed by Insured and us; duly supported with a valuation certificate from a professional value.

Premium

Premium will depend upon:

Sum Insured
Type of Fine art, Antique Furniture, Musical Instruments, Statues and sculptures
Security measures available at the premises
Coverage
Geographical Limit
Type of collector

Exclusions

This Policy does not cover:

The loss from unattended vehicles
Inventory losses
The loss or damage at any Exhibition, unless specifically notified to and agreed by the company in advance
Wear and tear, gradual deterioration, inherent vice/ defect, rust or oxidation, moth or vermin, warping or shrinkage
Mechanical or electrical faults or breakdown
Damage during repairing, restoring, retouching, or any similar process
Aridity, humidity, exposure to light or extremes of temperature, unless such loss or damage is caused by storm, frost or fire
Willful act of insured and its representative working in collusion with the insured
Consequential loss of any kind
Mysterious disappearance or unexplained loss
Biological or chemical contamination caused by or resulting from an act of terrorism
Nuclear reaction, nuclear radiation or radioactive contamination
War, invasion and allied peril
Damages following government action

Jewelers Block Insurance Policy

This is a package policy specially designed for jewelers & diamontaires i.e. establishments dealing solely in diamonds.

Highlights

A package policy specially designed for jewelers & diamontaires that deal in diamonds, this policy is perfect for those in jewelry business. Jewelers premises are categorized into Class I, II or III depending upon the type of security provided for the premises. Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.

Scope

The policy comprises four sections which are optional except for section I which is compulsory.

Section I:

The section covers loss or damage to jewelry, gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Section II:

The section covers loss or damage to jewelry, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.

Section III:

The section covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through an Angadia.

Section IV:

The section covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Cost coverage in case of serious illnesses and surgeries.

Who can take the policy?

The policy can be taken by jewelers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias, brokers or pawn brokers etc.

How to select the sum insured?

The sum insured under Section I and II should represent the cost price of the jewelry items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident. The sum insured under Section IV should represent the market value of the property.

How to claim?

In case of filing a claim, please connect with us at insurance@suraksha.seahwk.com and provide all required documents so that a Competent Surveyor may be deputed immediately.