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Study of Jewellery Insurance

TYBFM

JEWELLERY INSURANCE

Study of Jewellery Insurance


TYBFM

A PROJECT REPORT ON

STUDY
OF
JEWELLERY INSURANCE
SUBMITTED BY
PURNIMA BALJI VISHWAKARMA
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Study of Jewellery Insurance


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T.Y.B.F.M. [Semester V]

PADMASHREE ANNASAHEB JADHAVS


B.N.N. COLLEGE
DHAMANKAR NAKA, BHIWANDI, 421302
SUBMITTED TO

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.

Study of Jewellery Insurance


TYBFM
PLACE: BHIWANDI
DATE:

(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.

Study of Jewellery Insurance


TYBFM

Prof. Uma Bhanushali


Wagh

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.

COLLEGE, for offering me this course.


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I

am

thankful

Prof.Dr.Ashok.D.WAGH

to

my

In-charge

Principal

and Co-ordinator Dr.S.T.RAWAL, of

B.N.N.COLLEGE for giving us the opportunity to work on this


project. It was a great learning experience for us and we could
actually put in practice, the learning acquired in the class.
I wish to take this opportunity to express my deep sense of
gratitude

to

Prof.

UMA

BHANUSHALI,

faculty

of

B.N.N.

COLLEGE, for being my guide for this project. He has been a


constant course of inspiration and I sincerely thank her for her
suggestion and help in preparing this report.
I would also like to express my deep sense of gratitude to the
members of the organization for their co-operation and providing
adequate information about the company and related information.
Last but not the least, I would like to express my sincere gratitude to
my parent, teacher and friends for their support , co-operation
and their prayers without which my project would not have been
completed.

Study of Jewellery Insurance


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Index
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Ch
Contents
No
.
1
Introduction :- insurance

Pag
es

14

Introduction :- jewellery
insurance
Jewellery insurance appraisal

Essentials of jewellery insurance

31

36

List of companies providing


jewellery insurance
Types of Jewellery Insurance
Policy
Procedure of Insuring Jewellery

Claim Management

48

Best Example of jewellery


insurance company

51

10

Case study

60

11

Conclusion

62

12

Bibliography

63

13

Webliography

64

22

37
39

Chapter 1
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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.

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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

discrimination among the life of foreigners and Indians


with higher premiums being charged for the latter. It was
only in the year 1870, Bombay Mutual Life Assurance
Society, the first Indian insurance company covered Indian
lives at normal rates.
At the dawn of the twentieth century, insurance
companies started mushrooming up. In the year 1912, the
Life Insurance Companies Act and the Provident Fund Act
were passed to regulate the insurance business. The Life
Insurance Companies Act, 1912 made it necessary that
the premium rate tables and periodical valuations of
companies should be certified by an actuary. However, the
disparage still existed as discrimination between Indian
and foreign companies. The oldest existing insurance
company in India is National Insurance Company Ltd,
which was founded in 1906 and is doing business even
today. The Insurance industry earlier consisted of only two
state insurers: Life Insurers i.e. Life Insurance Corporation
of India and General Insurers i.e. General Insurance
Corporation of India.

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Principles of Insurance
There

are

certain

principles

of

insurance

contract which is to be followed by both the insurer and


insured party. Such as:
Utmost good faith
Indemnity
Subrogation
Contribution
Insurable Interest
Proximate Cause
Utmost Good FaithIt is the duty of the client to disclose all material facts
relating to the risk being covered. A material fact is a fact
that would influence the mind of a prudent underwriter
while deciding whether or not to accept a risk for
insurance and on what terms. This duty to disclose
operates at the time of inception, at renewal as well as at
any point midterm.
Indemnity11

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When the event that is insured against occurs, the Insured
will be placed in the same monetary position that he/she
occupied immediately before the happening of the event.

In the event of a claim the insured must:


Prove that the event occurred.
Prove that a monetary loss has also occurred.
Transfer any rights that he/she may be having for the
recovery from another source to the Insurer, if he/she
is fully indemnified.
SubrogationWith regards to insurance, subrogation is a feature of
principle of indemnity and therefore only applies to
contracts of indemnity and hence does not apply to life
assurance or personal accident policies. It aims to prevent
an insured to recover more than the indemnity that he
receives under his insurance (where that represents the
full amount of his loss) and enables the insurer to recover
or reduce the loss.
Contribution-

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The right of an insurer to call on other insurers similarly,
but not necessarily equally, liable to the same insured to
share the loss of an indemnity payment i.e. a travel policy
might have an overlapping cover with the contents section
of a household policy. The principle of contribution permits
the insured to make a claim against one insurer. The
insurer then has the right to call on any other insurers
liable for the loss in order to share the claim settlement.

Insurable InterestIf an insured wants to enforce an insurance contract


before the Courts he must have an insurable interest in
the subject matter of the insurance, which means that he
benefits from its preservation and suffers from its loss. In
case of non-marine insurances, it is necessary for the
insured to have insurable interest when the policy is taken
out and also at the date of loss giving rise to a claim under
the policy.
Proximate Cause
An insurer is liable to pay a claim under an insurance
contract only if the loss that gave rise to the claim was
proximately caused by an insured peril. This means that
the loss should be directly credited to an insured peril
without any break in the chain of causation.

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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.

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A lot of people own at least one piece of
expensive jewellery for instance a diamond engagement
ring, wedding ring or possibly a precious stone necklace,
maybe handed down from a family member.

Jewellery

forms an integral part of our culture & our lives, be it any


occasion or even a regular day. However, these valuables
need to be safeguarded against various risks, which may
not be covered under other policies. Jewellery Insurance
safeguards this asset for you, securing it against all risks.
The only product of its kind in the industry, Jewellery
Insurance provides complete security for jewellery, when it
is worn by the policyholder in person or while being
carried to the bank lockers. Absolute security & coverage
is given against burglary & fire, in respect of items kept at
home or bank locker.

How to secure your gold and


silver?

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With gold and silver prices on the rise, investors


are flocking to the yellow metal, both in case of jewellery
and

Exchange

Traded

Funds

(ETFs).

However,

the

complications are much more for a jewellery buyer,


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especially when it comes to storage. Insurance needs to
be purchased to make sure that the products are covered.
One also has to find an adequate storage facility,
preferably a bank locker. As far as insurance goes, most
assume that a fire or a burglary cover, or a combination of
both is enough. Under a householder policy package,
these two covers are supposed to give protection against
the natural elements and robbers. However, having this
policy alone may not be enough. True, a burglary cover
covers housebreaking, larceny and theft; and a fire policy
extends to not only fire but other natural perils too. But
both are not up to the mark.
For instance, the fire insurance does not go beyond the
house. So what should be done? The best thing would be
take an all-risk policy to cover the jewellery. Specified
under Section 3 of a householder's policy, the jewellery
insurance cover meets unforeseen exigencies. The ambit
of this type of insurance encompasses any loss or damage
to ornaments and valuables by accident or misfortune
when kept, worn or carried anywhere in India. This has
many advantages. For example, if you happen to leave
ornaments in a room and they get stolen, the jewellery
insurance policy would come to the rescue as it covers all
risks. When jewellery is kept in a locked car and still gets
stolen, the owner is entitled to insurance. This policy is
enforceable even when you use a bank locker for storing
your valuables. This would take care of mishaps like
jewellery being stolen when being brought from the bank's
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locker. The jewellery insurance can cover you, your
children and your parents too. All their valuables, plus
yours, can be brought under the canopy of a single policy.
The only condition is that everyone must be permanently
residing in the house. If you find the premium for this
policy too expensive, here's a simple tip. Pay a premium
for only that much jewellery which is kept at home.
For example, if you have taken an insurance
policy for Rs. 300,000 worth of jewellery but keep only Rs.
50,000 worth of ornaments at home, buy an insurance
cover of Rs. 50,000 only. There is another option which
requires you to go in for a combination pack.

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Insurance for Diamond


Jewellery

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If you own diamond jewellery then definitely you
can opt for its insurance. Basically the insurance policy for
diamond jewellery is of three types: the first one is Actual
cash

value

under

which

the

diamond

is

replaced

irrespective of its initial cost at which you purchased. The


cost of the diamond currently in the market is considered
and this policy can prove to be costly. Next is the policy
called replacement value policy, the replacement of stolen
or lost diamond is done at less cost than the purchase
value. This is good policy but sometimes the replacement
is with diamond jewellery with low carat. The third and
best policy is agreed value, but its rare. Here the
customer and the company undergo negotiation and then
the value agreed in the conversation is paid to the person
who lost diamond jewellery.

Insuring diamond jewellery is good way to get


rid of tension of losing it or it getting stolen. Phone a few
jewellers in your area and ask if they perform valuations.
They need to be suitably qualified and provide a certificate
which will be acceptable to your insurer, so it would be
worth asking your insurer what qualifications and proof
they want. Then get the main items valued and make sure
that they are all insured. Best tip is to take photos of all of
your possessions. Apart from getting a safe, a good idea I
heard was to store your jewels in the pockets of clothes
hanging in your wardrobe, or pinned to dresses, as most
thieves won't look twice at clothes.
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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

comprehensive jewelry cover is primarily provided by the


insurance firms at somewhat low premiums with even
some providing full accidental compensation for damage
and loss depending on the cover chosen. These insurance
policies target all forms of jewelry cover groups ranging
from low-value to high-value products.
Secondly, deciding the right insurance firm to
handle our protection needs is mostly pegged on policy
flexibility coupled to the current rates on offer. Most
jewelry insurance firms cover the basic repair expenses on
damaged products right up to competitive repayments on
placing claims.

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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.

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Chapter 3
Jewellery insurance Appraisal

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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

appraisal training in jewellery. One such course is the


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Certified Insurance Appraiser (CIA) Jewellery training
course of the Jewellery Insurance Appraisal Institute,
Oakland, Canada.

Definition

of

Jewellery

Insurance

Appraisal
A written, detailed description of an item of
jewellery

adequately

describing

all

characteristics,

including weights, grades, and measurements, usual to


the item and its component parts, sufficient to determine
the actual cash value (replacement cost less depreciation)
at time of loss and state a value equal to a price
reasonable for consumer replacement in his/her market
place at time of appraisal.

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.
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Mounting:
Karatage/purity

and

color

of

metal

type,

trademark, workmanship, item type, size and/or millimeter


and weight in grams.

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:

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1) Diamond

and

colored

gemstones

grading

is

exclusively that of the Gemological Institute of


America (GIA).
2) Metals are of the specified purity.
3) Gemstones are natural and not synthetic (unless
otherwise stated).
4) Watches, watch parts and accessories, including but
not limited to bands, cases, dials, and attachments,
are genuine parts supplied by the Original vendor or
manufacturer

of

the

watch

concerned

(unless

otherwise stated).

This appraisals fee, if any, was not based on the items


value.

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How to Get Jewellery


Appraised

Jewellery appraisal is often used for insurance


purposes. Jewellery appraisal is typically done for the
purposes of insurance and estate planning. Jewellery
appraising is a profession unto itself--it requires the study
of gems and certification--and you should not assume that
any jeweler you go to has the capability to do it. In fact,
it's best if you find an independent appraiser who is not
associated with where or whom you bought the jewellery
from, as that person could be biased. Getting your
jewellery appraised is not difficult; it involves some
preparation on your part, but most of the work is done by
the appraiser.
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Things youll need:


Receipt of purchase
Warranty
GIA certificates
Old insurance summaries (if you are getting jewellery
re-appraised)
Any other documentation of the jewellery's history or
makeup
Find an independent appraiser to appraise your
jewellery through your insurance agent. Or, visit the
American

Gem

Society

website

and

click

on

"Appraising and Insurance" in the left margin. Find an


appraiser by inputting your zip code or state.
Make an appointment. Some appraisers can be
booked for weeks in advance. Don't assume you can
walk in and expect jewellery to be appraised on the
spot. Call first and come in at the appointed time.
Bring all documentation listed in the things you'll
need list, along with your jewellery, to the appraiser.
Ask your appraiser for an estimate on how long it will
take to get your jewellery back. If you wish, take
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photos of all your jewellery and photocopy the
receipts, in case something should happen to it in the
appraiser's care; however, this is very unlikely to
happen.

Tips & Warnings


Pick up the jewellery and the appraisal documents
when

the

documents

appraisal
to

your

is

finished.

insurance

Present

agent,

who

the
will

continue the process of getting your jewellery


insured.
Washing

your

jewellery

at

home--using

mild

detergent, a soft cloth and warm water--will help the


appraiser and save time in the appraisal process.
Also, getting jewellery repaired before you take it to
the appraiser will shorten the duration of time it
takes to appraise.

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A guide to jewellery insurance


Items of jewellery are normally covered by
contents insurance policies. This guide has been produced
to help you make sure your contents policy adequately
covers your items of jewellery and tells you how to make a
claim should you need to. It has been prepared by the
Insurance Council in conjunction with the Jewellers. There
is a range of insurance policies available from the basic
and inexpensive through to policies that offer generous
cover against nearly every type of loss. You should discuss
the best option for your circumstances and any specific
questions about jewellery insurance with your insurance
company or broker.
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Value of cover
With most insurance policies, items of jewellery
worth more than Rs.50, 000 must be listed and described
on your policy document and supported by a valuation. If
the item is lost or stolen, the settlement (the payment
from the insurance company) will be based on either the
replacement value of the item, depending on the policy.
Replacement value is the cost of replacing the jewellery
with a new item of comparable quality and specification.
Many people are unaware that most jewellery depreciates
over time and usually this is the basis on which claims are
settled. Have your valuation updated at regular intervals,
say every two years.

How you can help reduce the chances of having to


make a claim?
When not wearing your jewellery keep items in a locked
container and in a secure, but not obvious, place.
Perhaps in a room other than the drawing room or the
bathroom but not somewhere so unusual that youll
have trouble remembering where it is!
Replace worn clasps or chains so your jewellery doesnt
fall off. Some policies require that you have your
jewellery examined for wear and tear regularly. Check
your policy.
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How you can help if your jewellery is lost or
stolen?

Make every effort to find it.


Notify

the

police

immediately

and

get

written

confirmation that you have notified them.


Report the loss to your insurance company as soon as
possible. Take with you any documents you have for the
items such as receipts, valuations, guarantee and
warranty certificates
How you can help speed up the processing of your
claim?

Have proof of ownership. One of the major causes of


delay in settlement is proving ownership. To avoid this,
keep all receipts and other documentation relating to
the items. Photos of the jewellery being worn are very
helpful in proving ownership. There are a number of
companies that specialize in photographing jewellery
and other personal valuables for the purpose of both
proving ownership and value. See your insurance
company for a recommendation.

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
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homeowners insurance, all insurance policies are not alike.
Choose a policy that covers the aspects that are important
to you. Here are some important points to compare.
Coverage. What exactly does the policy cover? Theft,
mysterious disappearance, damage, etc.? What is
excluded? Few policies cover mysterious loss or loose
stones in the process of setting. This is important to
know in the event of a claim. It is of two types:
Single Item Limit In many cases the claim for a
single item may be limited. This may exclude
many items of jewellery that are of medium to
high value, in which case it may be worth taking
out additional levels of protection.
Special Exclusions Some insurance policies will
specifically

exclude

valuable

items

such

as

jewellery, art and antiques. If this is the case,


specialist jewellery insurance is a must.

Deductibles. Are deductibles an option? If you are


willing to pay the first portion of the loss, your premium
may be lower.

Level of Cover Some insurance policies may only


cover an item for the amount of money paid in the first
place. This could lead to an individual being unable to
truly replace an item should the worst happen.
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Claims. How well does the company pay claims? Can
you report a claim online and how long does the claim
process take?
Replacement vs. cash. Engagement and wedding
rings will likely hold a lot of sentimental value for your
fiance. If she were to lose it, could she replace it with
something similar?
Replacement policies. In the event the item needs to
be

replaced,

what

are

the

insurers

policies

on

replacement? Will you be able to work with your own


jeweler or must you work with someone assigned by the
insurance company.

Travel coverage. Is the ring covered when you travel


even out of the country? This could be an important
consideration when you think about the honeymoon.
Appraisals. Most insurance companies require an
appraisal to begin insurance coverage. Will you ever
need another one? If so, when?
Inspections.

Does

the

insurer

require

periodic

inspections that, if missed, void the policy?

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Insurer expertise. What is the insurance companys
expertise, specifically with the valuation of jewellery?
For example, Jewelers Mutual Insurance Company
specializes only in jewellery insurance. When settling a
claim, how important is it to you that you work with
someone who recognizes the value of cut, clarity, and
qualitythe features you paid for when selecting the
ring?
Security.

Are

there

requirements

for

security

precautions? Or any discounts if you take certain


precautions?
Ratings. Is the insurance company highly rated by an
acclaimed
provides

independent
a

reliable

rating

way

to

agency?
compare

Ranking
companies

regarding their financial strength and ability to pay


claimssomething that should be quite important to
you when choosing an insurer.

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Jewellery Insurance cost and


cover
Many people think jewellery insurance is very
expensive and that it only covers for theft. For these and
other reasons, some folks dont carry any insurance on
their jewellery when its really in their best interest to do
so.
The cost of insurance for jewellery is actually
pretty reasonable in most areas of the USA. The cost is an
annual premium that is a percentage of the replacement
cost. The replacement cost is usually determined by an
up-to-date appraisal of your jewellery.
The best jewellery insurance is replacement
coverage for all risks, which include sudden and accidental
damage, lost jewellery, theft and fire. Most policies offer a
reduction in the premium if you choose a deductible, such
as a for example, 15% reduction for an Rs.25, 000
deductible. Most of my clients choose to pay the full
premium with no deductible because in most cases, the
savings are much less than having to pay the deductible if
you were to have a loss.

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Another key issue is how the replacement will
be made. Most companies refer you to a jeweler who
replaces your item and then bills the insurance company
directly. These billings are usually renegotiated for a set
amount or percentage over the jewelers cost. Some
insurance companies own their replacement jewelers, so
they choose what you get as a replacement.

A good way is to purchase coverage through a


company that specializes in jewellery insurance
Its clear that jewellery insurance is relatively
inexpensive at a cost of 1% per year, youd have to
carry the insurance for more than 50 years before the cost
versus the benefit would begin to be questionable. Its
also clear that you should have an accurate up-to-date
appraisal of the replacement value if you expect the
insurer to replace the item.
As a jeweler who believes jewellery should be
enjoyed, being able to wear your jewellery without
constant worry about loss far outweighs the cost of the
insurance.

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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
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Other Companies:
International Jewelers Block and Fine Arts who offer
the Gem Shield policy.
Ellis David Ltd specializes in all High Value Insurance
including significant levels of Jewellery Insurance.

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

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Study of Jewellery Insurance


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to the amount you paid for the items and their written
description.
2. ScheduledThis policy is specially meant for jewellery
items that are precious to you like the diamond rings you
have purchased and which can also be purchased in a
separate way as a rider to your home policy. The features
of this policy are just the opposite of the unscheduled
jewellery insurance. In this policy there is a need of your
jewellery to be appraised to serve two purposes. It will
determine its value for the purpose of insurances and the
amount that you will pay annually to insure these items. In
case of scheduled jewellery insurance, you will receive the
cost that has been taken into consideration at the time of
the appraisal even if the cost soars high.

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Jewellery Insurance Policies:


What is the Insurance Value of Jewellery?
In essence, the insurance value of an object is the
value for which it would cost to replace an item that has
been insured. The insurance value of an object can differ
to a large extent from that of the original

price

paid

to

Buy

and the resale value of an item of jewellery.

Why

it

May

be

Necessary

Specialist Jewellery Issuance?


Before buying any form of insurance, it is wise to
check what level of cover is already offered on existing
policies such as home and contents insurance policies.

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Study of Jewellery Insurance


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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.

First, you need to have your gold and silver jewellery


appraised by a professional jewellery appraiser,
which can sometimes even take place while buying
jewellery. Make sure that each piece would be listed,
valued and accurately described on paper. Insurance
companies would usually insure a piece of jewellery
up to its appraised value. Later on, make sure that
you have your jewellery inspected and appraised

ii.

every now and then to ensure adequate coverage.


It would also be good to document all of your
jewellery and silver rings not just on paper but in
pictures as well. If you have pictures of your
jewellery, it would be easier to identify any damages,

iii.

making reconstruction and replacement easier.


You should also check if your renters insurance or
home insurance policy already covers the jewellery
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Study of Jewellery Insurance


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that you have. If it does cover jewellery, check the
amount of coverage per item. As you figure out the
basic coverage offered by your home insurance
policy, make sure that you would not forget to factor
iv.

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.

current gold and silver prices.


You should try for some of the reputable insurance

vi.

companies that offer jewellery 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

vii.

repaired.
Most
insurance

companies

charge

premium

payments that based on the value of the jewellery to


be insured. If the piece is very expensive, then the
premium would also be high. You could try getting
your jewellery insured by the company which insured
viii.

your house and car to help you get a better deal.


Lastly, aside from having insurance, it would be
important to always keep your gold, silver, and pearl

ix.

jewellery in a safety deposit box or personal safe.


First, you need to have your gold and silver jewellery
appraised by a professional jewellery appraiser,
which can sometimes even take place while buying
jewellery. Make sure that each piece would be listed,
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Study of Jewellery Insurance


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valued and accurately described on paper. Insurance
companies would usually insure a piece of jewellery
up to its appraised value. Later on, make sure that
you have your jewellery inspected and appraised
x.

every now and then to ensure adequate coverage.


It would also be good to document all of your
jewellery and silver rings not just on paper but in
pictures as well. If you have pictures of your
jewellery, it would be easier to identify any damages,

xi.

making reconstruction and replacement easier.


You should also check if your renters insurance or
home insurance policy already covers the jewellery
that you have. If it does cover jewellery, check the
amount of coverage per item. As you figure out the
basic coverage offered by your home insurance
policy, make sure that you would not forget to factor

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.

current gold and silver prices.


You could try searching online for some of the
reputable insurance companies that offer jewellery

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.
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Study of Jewellery Insurance


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xv.

Most

insurance

companies

charge

premium

paymenthat based on the value of the jewellery to be


insured. If the piece is very expensive, then the
premium would also be high. You could try getting
your jewellery insured by the company which insured
your house and car to help you get a better deal.
xvi.

Lastly, aside from having insurance, it would be


important to always keep your gold, silver, and pearl
jewellery in a safety deposit box or personal safe.

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.
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Read your home owner's or renter's insurance policy
to find out the amount of coverage it provides for
items such as jewellery. The best insurance will cover
loss, theft and damage.
Keep in mind that rates for personal jewellery
insurance may vary according to your state or
country, and you can select coverage with or without
a deductible.
Speak to your insurance agent about adding a rider
to your home owner's policy to cover jewellery that
goes beyond the value of personal property covered
in the basic policy. You can also ask about taking out
a separate policy on your valuables.
Compare

all

insurance

plans,

as

well

as

the

reputation of each company, and choose the one that


gives you the most coverage for your money and the
most flexibility if you have to replace jewellery.

Tips & Warnings


Beyond having insurance, to keep your jewellery safe
you should store it in a personal safe or in a safety
deposit box.
Having photos of jewellery items is also important, as
lost or stolen pieces can sometimes be recreated on
the basis of a good photograph.
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Study of Jewellery Insurance


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All jewellery should be inspected on a regular basis
for reassessment of value. If your jewellery is not
valued appropriately, you will not be able to recover
what you need to replace it if it is lost, damaged or
stolen.

Precautionary steps while


buying Policy:
Choose

professional

jewellery

insurance

policy

Without the safeguard of a professional


high value home insurance scheme you may not be
covered for the total cost of your treasured jewellery
items and would subsequently acquire only part
payment for their real replacement price tag. With
regards

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
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Study of Jewellery Insurance


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is typically a maximum value that is generally
insured by this sort of policy. You cannot assume all
insurance plans offer "new for old" cover. You will
probably find that you will only be offered a
proportionate amount of the replacement price of
your jewellery piece, as opposed to the total amount,
determined by its current worth. Additionally it is
beneficial to review the jewellery insurance policy
conditions, to make certain that you will be totally
covered for all forms of risks, which includes those
outside of your property. Ultimately, you ought to
check that you have no onerous jewellery insurance
policy conditions which could stop you from making a
successful claim.

For example, a person who has jewellery


worth Rs 200,000 in his house could have taken
insurance of only Rs 100,000. Now, if jewellery
worth Rs 50,000 is stolen, then the insurance
company will consider the proportion of jewellery
stolen vis-a-vis what was stored in the house.
Accordingly, that person may get Rs 25,000 only.

Arrange a specialist valuation for your


priceless

jewellery.

It really is highly recommended that you


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Study of Jewellery Insurance


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should receive an expert valuation for each item of
jewellery and make certain you are given written
proof of its current market value. Many respected
jewelers will offer you this sort of service. Needless to
say, it is necessary to not forget to arrange for your
really expensive jewellery items to be revalued every
few years and when necessary arrange for the
jewellery insurance value to be revised accordingly.
Additionally it is worth having pictures of each and
every jewellery item, which could be really helpful if
perhaps they were suddenly lost or stolen.

Some important points to keep


in mind

When a house servant steals jewellery, the insurance


company may not give any money because he is
considered an employee.

Some insurers do not cover your bank locker. Others


may provide cover for loss of jewellery or precious
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Study of Jewellery Insurance


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stones only when they are kept in specified bank
lockers.

Ensure that you never send jewellery by a separate


carrier. The claim does not pass muster in such a case.

Unset jewellery must be mentioned as a special


inclusion. If omitted, insurance won't be given.

Always take care of your jewellery to keep them in fine


condition. Cracked, scratched or broken ornaments are
rejected, even if the insurance policy is in order.

Insurance companies do not entertain claims for losses


suffered during cleaning or repairing. For example, you
will not be compensated for a diamond or precious
stone that falls from the ornament while undergoing
restoration.

One important aspect of getting an insurance policy is


getting the valuation done accurately. Generally, a
valuation certificate becomes mandatory when the
value of one item is more than 10 per cent of the total
sum assured. It is essential to furnish this valuation
proof; otherwise the policy holder is paid only 10 per
cent of the sum assured.

When you choose a bank locker, the most important


thing to consider is the overall cost. Select a bank
locker for which you just have to pay the rental that is
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Study of Jewellery Insurance


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the annual charges only. The implication of this is that
the bank should charge just the basic fees.

If you are unable to pay the advance annual rent for


three years, as some banks insist, then enquire whether
a savings account for paying one year's rent can be
opened. Then continue payment for three years. This is
allowed.

Locker charges are usually in the Rs 500-5,000 range,


unless you need a very big locker (10 times the size of a
small one) which may have a rent of about Rs 20,000 a
year.

When the locker is being allotted, ensure that the key is


brought to you in a sealed packet and opened in your
presence. Don't accept any loose key.

Do not forget to ask for a copy of the hire-purchase


agreement to ensure that the bank doesn't demand a
higher rent in future.

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Study of Jewellery Insurance


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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

conditions of your insurance policy booklet you need to


make sure you can make a valid claim. So i would suggest
you take a look at any exclusion clauses. In order to make
a claim and how much you can claim really depends on
what youre insured for and up to how much. Unless you
specifically insured the items of jewellery for their value
you will have to settle for the limit (refer to policy booklet).
You need to ensure that when your insurance company will
make an insurance claim, they will ask for a lost property
number so you will need to report your rings missing to
the police. They will then follow their procedures for
example ask to send copies of proof of ownership that is
invoices etc and they will have their fraud indicators so
dont be alarmed it is standard procedures. They rarely
keep you up to date with the progression of your claim so I
suggest you keep chasing.
Thinking about the possibility of a theft or loss
of a 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
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Study of Jewellery Insurance


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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. Much of this frustration
can be avoided by taking a few simple, precautionary
steps in advance of any unfortunate incident which may
result in the necessity of making an insurance claim.
Firstly,

when

purchasing

jewellery,

always

ensures that you are provided with a purchase invoice or


receipt. Check that the store selling you this jewellery
provides a clear and detailed description of the goods
purchased. This should include the type and grade of
precious metal used including its quality, grades and
weights. Finally the price must be stated preferably also
showing the original shop price if a discount was given.
This receipt must be safely retained in a filing system at
home so that it can easily be found if a claim should
become necessary at some date in the future. It is not
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Study of Jewellery Insurance


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sufficient simply to have an original purchase invoice to
identify and prove the value of a treasured item. As the
years roll on the value of that item is likely to steadily
increase. In order to maintain a clear idea of the value of
the jewellery to be insured it is vitally important to
maintain a current valuation.
The value of the insured jewellery should be
updated regularly every three to four years by a qualified
jeweller.
In the case of a loss the insurance valuation will
have two important purposes:
Firstly the detailed description will enable the police
to clearly identify your lost jewellery if it is recovered.
Without this proof the police are sometimes unable to
return jewellery to 'a rightful owner' because it
cannot be proved that the jewellery is actually theirs.
The detailed weights and measurements, along with
photographs, contained in a valid valuation leave no
room for doubt when identifying recovered items.
Secondly a current valuation will enable you to check
you have adequate insurance cover and that in the
case of a loss the insurance company pays you out
an amount that is realistic and up to date.
Unfortunately not everybody is as well prepared
as this. What happens if you incur a loss and can't find the
original purchase receipt or what if you never obtained a
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valuation certificate for the item? All is not lost. But be
prepared to act quickly before submitting your claim to an
insurance company! Find whatever information you do
have for the lost jewellery including any family snapshots
etc that may help. Then approach a qualified jeweller and
ask for a 'post loss valuation'. With the information you are
able to supply the jeweller can build up a picture of the
lost item and in this way produce a detailed valuation
certificate based on the details you can remember.

Chapter 9
Best Example of jewellery
insurance company

Jewelers Mutual Insurance Company is the


only

company

insurance

in

specializing
the

United

exclusively
States

and

in

jewellery

Canada.

The

companys strong financial position is reflected in its


continued A+ Superior rating from A.M. Best. Jewelers
Mutual was founded in 1913 in Neenah, Wis., by jewelers
who needed affordable insurance. Today, Jewelers Mutual
is licensed in all 50 states and Canada. More than 10,000
commercial policyholders trust Jewelers Mutual to insure
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Study of Jewellery Insurance


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their

jewellery

businesses,

and

180,000

individual

policyholders carry $2.5 billion in personal insurance


coverage.
Protecting Jewellery with the Best Jewellery
Insurance
Since 1913, Jewellers Mutual has been a leader
in jewellery protection for jewellers across the country.
They also can protect your personal jewellery, frequently
covering jewellery insurance claims that homeowners
insurance or renters insurance doesn't.
Jewelers Mutual Insurance Company has:
Gemmologists on staff;
Customer service representatives who are licensed
insurance agents;
An A+ rating with A.M. Best, an insurance company
rating

organization,

for

our

continued

financial

stability; and
Exclusive endorsements from the American Gem
Society, Jewellers of America, and the Canadian
Jewellers Association.

What their insurance covers.


Jewellers

Mutuals

comprehensive

Personal

Jewellery

Insurance program provides coverage for:


Jewellery damage,
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Study of Jewellery Insurance


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Jewellery loss,
Jewellery theft, and
Mysterious disappearance.
The standard homeowners policy provides only
limited jewellery protection, often excluding breakage or
loss. With Jewellers Mutual, you are covered with the best
jewellery insurance. View a sample of our policy here.

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

offers jewellery protection

with

no

deductible, unless you choose one.

Jewellery replacement with same kind


and quality
We offer jewellery repair or replacement for your
lost or damaged jewellery with items of same kind and
quality, returning you to the same position that you were
in before the loss. (Unless, of course, you choose to
upgrade!)

Choose your own jeweller

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Many

homeowners

and

renters

insurance

policies force policyholders to use impersonal jewellery


replacement

companies

for

jewellery

repairs

and

replacements or to obtain several estimates to cover their


personal jewellery damage or loss. With Jewellers Mutual
jewellery

insurance,

when

you

experience

jewellery

damage or loss on a piece covered by your policy, you'll


be able to work with a jeweller of your choosing. We also
won't make you get several estimates. Dealing with a lost
diamond or other special piece is trying enough. We want
to make jewellery replacement as easy as possible.

Regular jewellery inspections


We suggest periodic inspections of your insured
items for optimal jewellery protection. While we do not
cover normal wear and tear of your jewellery, you'll have
peace of mind knowing that during inspections, your
jeweller can identify small problemssuch as loose stones
and faulty claspsbefore they become bigger ones.
Most jewellery values increase over time, so
routine inspections are important for maintaining current
values and adequate jewellery protection. Inspections also
are a great opportunity to have your jewellery cleaned and
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make that engagement ring shine like the day you
received it.

How we determine your premium


The cost of jewellery insurance is based on the
jewellerys retail replacement value and the state and
county or province where the person who wears the
jewellery lives.

Convenient payment methods and plans


for your jewellery insurance
You may pay for your jewellery insurance with American
Express, MasterCard, or Visa credit cards. U.S. residents
may also pay with personal checks, money orders, or
discover credit cards. We offer affordable payment plans.
A service charge is added to each instalment.

Kataria Jewellery Insurance Consultancy:

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They are the first and the only insurance consultants in


India which specializes exclusively in Gems and Jewellery
insurance. We are authorized agents of The Oriental
insurance co ltd and other government insurance
companies under IRDA. We are servicing more than 6,000
satisfied jewellery clients across India who have trusted
us and insured their stock of Diamonds, Gold, Silver,
Gems stones, Cash etc through us for risks like Robbery,
Theft, Fire, loss in transit or with the goldsmith etc. Our
Corporate Office is in Mumbai near Zaveri Bazar and
branch office in almost all parts of India. We have a
professionally computerized set-up with multi-city
presence. Separate Claims, Marketing, legal and
Customer Care Department to give you the best service
always. After 450 claim solved claims including 3.45
Crore Claim of DhanalaxmiJewellers-Chennai We are at
our best in times of any unfortunate claim (loss) where
we will be personally taking you through the full claim
process related to police, surveyors, insurance company
etc. so that you can continue your business
uninterrupted while we look after the claim technicalities.
Previously our company was known as Kataria insurance
consultancy. We used to deal in both life and general
insurance policies But as we our selfs are from the Jain
and Jewellery community Jewellers Block Insurance policy
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has always been our strength. After I completed my MBA
in marketing and joined business I with the support of my
visionary father Shri Suresh F Kataria decided to
concentrate and develop the niche jewellery market
which needed specialized knowledge related to books of
Accounts, jewellery trade, complex nature of claims etc.
Thus we gave away all the other line of insurance
business and renamed our company as Kataria
JEWELLERY Insurance Consultancy in 1999. It was
definitely a big and very difficult decision for us to make
but since then there was no looking back. With the grace
of God, support of our Clients and hard work of our
experienced and dedicated team lead by my brothers
JitendraKataria and other family members. We are today
more than 10 times bigger and efficient than our former
company
Address:
KATARIA JEWELLERY INSURANCE CONSULTANCY
39
Tadwadi,
Sonapur
Street,
Chira
Mumbai - 2 (Walkable from ZAVERI BAZAR)
Tel : 022-22080833 / 34 / 35.
Zaveri Bazar I Com : 5555
info@katariainsurance.com

Bazar,

Branches:
1. Gujrat
2. Maharashtra
3. Tamilnadu
4. Punjab
5. Andra Pradesh
6. West Bengal
7. Kerala
8. Delhi

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Their Clients:

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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
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been insured by Chandrikas husband Anoop Thatai and he
filed an insurance claim.

However, the company rejected it, saying that


its investigator had found that she had not locked the car
properly. Anoop then filed a petition in the consumer court
and the judge observed that in such cases the onus is
heavily upon the insurance company to prove that the car
was not locked properly since no person would leave such
valuables in the car without taking proper care to lock it.
Justice Kapoor also said that whenever any
complaint is lodged with the police in respect of a criminal
offence like theft, it is the police alone who have the
authority to investigate the crime.
The insurance company cannot investigate the
criminal offence. It can only appoint a surveyor to assess
the loss occurred due to the theft, he said.

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%
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2. If Black Amount - Nil
Overall Insurance Percentage upto 30%

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.
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Much of this frustration can be avoided by
taking a few simple, precautionary steps in advance of any
unfortunate incident which may result in the necessity of
making an insurance claim. Along with all things it is very
necessary

to

create

awareness

about

the

jewellery

insurance in the society so that every people can avail the


safety and security for their valuable 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

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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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73