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TYBFM
JEWELLERY INSURANCE
A PROJECT REPORT ON
STUDY
OF
JEWELLERY INSURANCE
SUBMITTED BY
PURNIMA BALJI VISHWAKARMA
2
UNIVERSITY OF MUMBAI
ACADEMIC YEAR
2016-2017
NAME OF PROJECT GUIDE
PROF.UMA BHANUSHALI
DECLARATION
I am PURNIMA BALJI VISHWAKARMA of PADMASHREE
ANNASAHEB JADHAVS B.N.N. COLLEGE of TYBFM [Semester V]
hereby declare that I have completed this project Study Of
JEWELLERY INSURANCE in the academic year 2016-2017. The
information submitted is this project is true and original to the best
of my knowledge.
(TYBFM, SEM-V)
BHIWANDI (THANE)
CERTIFICATE
I, Prof. UMA BHANUSHALI herby certify that PURNIMA
BALJI VISHWAKARMA of PADMASHREE ANNASAHEB JADHAVS
B.N.N. COLLEGE of TYBFM [Semester V] has completed project of
Study of JEWELLERY INSURANCE in the academic year 20162017. The information submitted is true and original to the best of
my knowledge.
Dr. S. T. Rawal
(Project Guide)
(Principal)
Prof.Dr. Ashok D.
(Coordinator)
External Examiner
ACKNOWLEDGEMENT
No Learning is proper and effective without
Proper Guidance
It gives me immense pleasure in presenting this project on the
topic of STUDY OF JEWELLERY INSURANCE in this project. Im
thankful
to
PADMASHREE
ANNASAHEB
JADHAVS
B.N.N.
am
thankful
Prof.Dr.Ashok.D.WAGH
to
my
In-charge
Principal
to
Prof.
UMA
BHANUSHALI,
faculty
of
B.N.N.
Index
7
Pag
es
14
Introduction :- jewellery
insurance
Jewellery insurance appraisal
31
36
Claim Management
48
51
10
Case study
60
11
Conclusion
62
12
Bibliography
63
13
Webliography
64
22
37
39
Chapter 1
8
Introduction:- Insurance
Meaning
Insurance means a promise of compensation
for any potential future losses. It facilitates financial
protection against by reimbursing losses during crisis.
Insurance provides financial protection against a loss
arising out of happening of an uncertain event. A person
can avail this protection by paying premium to an
insurance company.
Definition
Insurance is a contract between two parties
whereby one party agrees to undertake the risk of another
in exchange for consideration known as premium and
promises to pay a fixed sum of money to the other party
on happening of an uncertain event (death) or after the
expiry of a certain period in case of life insurance or to
indemnify the other party on happening of an uncertain
event in case of general insurance.
The party bearing the risk is known as the
'insurer' or 'assurer' and the party whose risk is covered is
known as the 'insured' or 'assured There are different
insurance companies that offer wide range of insurance
options and an insurance purchaser can select as per own
convenience and preference.
History of Insurance
Insurance in India has its history dating back till
1818, when Oriental Life Insurance Company was started
by Europeans in Kolkata to cater to the needs of European
community.
Pre-independent
era
in
India
saw
10
Principles of Insurance
There
are
certain
principles
of
insurance
12
13
14
15
Chapter 2
Introduction:- Jewellery
Insurance
An investment in jewelry is gaining importance
now-a-days and the collection of jewellery needs to be
insured to secure and avail of value-back in event of loss
or theft. Jewelry insurance is now offered under exclusive
packages and at premiums that are worth it.
16
Jewellery
17
Exchange
Traded
Funds
(ETFs).
However,
the
20
21
value
under
which
the
diamond
is
replaced
Importance of jewellery
insurance
The purchase of authentic platinum, gold, silver
and gem jewelry involves a lot of careful consideration and
a major investment. Loss or theft are not pre planned
occurrences and hence it is always better to be safe than
sorry when it comes to your precious jewelry.
Firstly,
it
may
helpful
to
know
that
23
Benefits of
Jewellery insurance policy
The policy offers the following benefits:
Worldwide coverage 24x7.
All risks covered.
Protection against loss of jewellery due to Burglary or
Fire while at home or being carried to the bank locker.
A special provision of 5% cumulative bonus in the
sum insured is provided on renewal, if no loss is
reported
in
the
expiring
policy.(Almost
by
all
companies).
Minimum documentation.
No list of items to be insured required.
It provides complete peace of mind.
24
Chapter 3
Jewellery insurance Appraisal
25
Credentials
Appraiser certifies the following:
He/she is a Graduate Gemologist (GG) of the
Gemological
Institute
successfully
completed
of
America
formal
(GIA)
classroom
and
has
insurance
Definition
of
Jewellery
Insurance
Appraisal
A written, detailed description of an item of
jewellery
adequately
describing
all
characteristics,
Purpose
The purpose of the appraisal is to:
1. Describe the item in such detail as to adequately
identify it from other similar types of jewellery,
2. Verify the condition (and existence) of same, and
3. Assign a reasonable value for the item as of the
date appraised and at a price of that date.
Descriptions
At a minimum this appraisal shall provide the
following item descriptions where applicable.
27
Mounting:
Karatage/purity
and
color
of
metal
type,
Stones:
Number of stones, how set, shape and type, GIA
grading (including cutting information, MM x MM x MM x
MM, color, clarity), total and average weight. A cutting
grade and all necessary stone percentages and angles are
stated. If Jadeite jade include: texture, transparency, and
polish;
If Watch include: manufacture, style, number,
serial number, type, movement and number of jewels (if
applicable), features and options; case information.
Appraisers Warranty
All items appraised herein have been personally
inspected by the appraiser so stated and are in good
condition as of the appraisal date. Appraiser further
warrants that all appraised items herein have been
thoroughly and completely tested and:
28
and
colored
gemstones
grading
is
of
the
watch
concerned
(unless
otherwise stated).
29
Gem
Society
website
and
click
on
the
documents
appraisal
to
your
is
finished.
insurance
Present
agent,
who
the
will
your
jewellery
at
home--using
mild
32
the
police
immediately
and
get
written
Chapter 4
Essentials of jewellery
insurance
There are certain points which should be kept in mind
while choosing the right insurance policy. Like auto or
35
exclude
valuable
items
such
as
replaced,
what
are
the
insurers
policies
on
Does
the
insurer
require
periodic
37
Are
there
requirements
for
security
independent
a
reliable
rating
way
to
agency?
compare
Ranking
companies
38
39
40
Chapter 5
List of few institutions
providing Jewellery insurance
Axis Bank
Kataria Jewellery Insurance Company
New India Assurance Company
National Insurance Company Limited
Bajaj Allianz Insurance Company
Industrial Credit And Investment Corporation Of India
Indian Bank
Jewellers Mutual Insurance Company
Hiscox
Royal Sundaram
41
Chapter 6
Types of jewellery insurance
Policy
1. UnscheduledIn this insurance policy you are not required to
give the exact list of the jewellery you wish to be insured.
This type of insurance policy is often referred to basic
home insurance policies and can offer absolute coverage
of items. There are deductibles ranging from about five
hundred to one thousand five hundred dollars associated
with unscheduled jewellery insurance that you have to
pay. The beneficial aspect of this jewellery insurance is
that you do not have to appraise your jewellery. What you
have to do is to provide documents (receipts) as evidence
42
43
price
paid
to
Buy
Why
it
May
be
Necessary
44
Chapter 7
Procedure of Insuring
Jewellery
Establishing the correct insurance value for
jewellery if
considering buying jewellery insurance or getting cover as
part of a contents insurance package. There are certain
points which should be considered before or while buying
insurance for it:
i.
ii.
iii.
in the deductibles.
If your home insurance or renters insurance cannot
cover your jewellery, it might be advisable to get
separate jewellery insurance, and keep your eyes on
v.
vi.
vii.
repaired.
Most
insurance
companies
charge
premium
ix.
xi.
xii.
in the deductibles.
If your home insurance or renters insurance cannot
cover your jewellery, it might be advisable to get
separate jewellery insurance, and keep your eyes on
xiii.
xiv.
insurance policies.
As you go through your options, make sure that you
would be taking your time comparing them so that
you would be able to choose the one which would be
able to give you the best coverage and most
flexibility if your jewellery needs to be replaced or
repaired.
47
Most
insurance
companies
charge
premium
Instructions
Things youll need:
Safe-deposit Boxes
Jewellery Inventory Sheet
Jewellery Boxes
Jewellery Insurance
Jewellery Appraisals
Cameras
Film
Cameras
Have all of your fine jewellery appraised by an
independent appraiser. Make sure each item is listed,
described and valued on paper.
48
all
insurance
plans,
as
well
as
the
professional
jewellery
insurance
policy
to
the
precise
circumstances
of
your
respective loss, you might find that you are not even
insured for this unfortunate incident. Even though
normal home contents insurance cover offers the
opportunity of insuring distinct jewellery pieces, there
50
jewellery.
54
Chapter 8
Claim Management.
Lost jewellery, insurance claim?
Well firstly you need to make sure that you do
have
contents
insurance.
Refer
to
the
terms
and
and
unsatisfactory.
Insurance
companies
55
when
purchasing
jewellery,
always
Chapter 9
Best Example of jewellery
insurance company
company
insurance
in
specializing
the
United
exclusively
States
and
in
jewellery
Canada.
The
jewellery
businesses,
and
180,000
individual
organization,
for
our
continued
financial
stability; and
Exclusive endorsements from the American Gem
Society, Jewellers of America, and the Canadian
Jewellers Association.
Mutuals
comprehensive
Personal
Jewellery
No deductible necessary
If you experience jewellery damage or loss, you
won't have to pay out of your own pocket. Our jewellery
insurance policy
with
no
60
homeowners
and
renters
insurance
companies
for
jewellery
repairs
and
insurance,
when
you
experience
jewellery
62
Bazar,
Branches:
1. Gujrat
2. Maharashtra
3. Tamilnadu
4. Punjab
5. Andra Pradesh
6. West Bengal
7. Kerala
8. Delhi
64
Their Clients:
65
66
67
Chapter 10
Case Study
Insurance company to pay Rs.4
million for jewellery theft
New Delhi, Oct 16, 2006 a consumer court here
has asked the New India Insurance Company to pay Rs.4
million as compensation to a customer whose jewellery
was stolen from her car. The Delhi State Disputes
Consumer Redressal Commission, presided over by Justice
J.D. Kapoor, directed the insurance company to pay Rs.4,
00,000 as assessed by the surveyor towards the cost of
the stolen jewellery besides interest and Rs.10, 000 as
cost of litigation. On March 21, 2006, Chandrika Thatai had
taken out a pair of diamond solitaire earrings, two
diamond bangles and a diamond pendant from her
bank locker. She kept them in a small bag, which she put
in a laptop bag and then placed in her car. Later, she
locked the car and left to purchase some medicines. When
she returned, she found that the car door was open and
the laptop bag along with the jewellery had been stolen.
The car had a central locking system, which ensures that if
a door is locked through the driver seat keyhole; all the
doors will be locked at the same time. The jewellery had
68
Percentage Of Insurance.........
Turnover For Big Jewellery Sellers- 10-12 lakhs/day
Turnover For Small Sellers - 2-3 Lakhs/day
Percentage Of Insurance Stock - 100%
But they buy only 50-70% stocks values of White Anount
Percentage of Insurance Owners opt for Insurance Policy1. If White Amount - 100%
69
Chapter 11
Conclusion
Thinking about the possibility of a theft or loss
of a favourite piece of jewellery is certainly not pleasant;
however the possibility cannot be ignored. So often
victims of a theft or loss find that claiming on their
insurance is complicated and unsatisfactory. Insurance
companies have an extraordinary ability to 'wriggle' when
it comes to claims and the small print all of a sudden
becomes far more important than it seemed at the time of
signing the original contract.
How often do we hear that a victim of theft has
been unable to claim compensation for a loss because the
circumstances did not qualify the 'terms of the insurance
policy', or that the amount paid out was not nearly enough
to find a comparable replacement for the item lost. Then
there are the insurance companies who refuse to pay out
for the loss in cash, instead insisting that the customer
must purchase jewellery to the value of the loss from
'associated' jewellery stores - many of which may stock
jewellery that the claimant feels is inferior to the treasured
item that was lost.
70
to
create
awareness
about
the
jewellery
Chapter 12
Bibliography
Principles and Practices of Banking and Insurance
-P.K. Bandger
United state Womens Bureu
-Laura Rile
Variation and Innovation in Insurance
-Kalpana seth
Jewellery Appraisal Guide
-Deepali Raut
Jewelers Mutual Insurance Company Booklet
71
Chapter 13
Webliography
www.ask.com
www.jewellery.dracony.org
www.myjewellersplace.com
www.scribd.com/doc/8361020/india www.finance.indiamart.com/investment_in_india/insuran
ce_html
www.irda.org.in/scripts/publications
www.jewelsinsurance.com
www.articles.pubarticles.com Articles & Tutorials
www.business-insurance/jewelry-store-insurance.aspx
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