THE NEW INDIA ASSURANCE COMPANY LIMITED
Regd. & H. O. : New India Assurance Building,87, M. G. Road, Fort, Mumbai - 400 001
JEWELLER’S BLOCK INSURANCE POLICY

WHEREAS THE INSURED named in the Schedule hereto has made to The New India Assurance Co. Ltd.
(hereinafter called the Company) a written proposal and declaration (specified in the schedule) which shall
be the basis of this contract and be deemed to be incorporation herein for the insurance hereinafter
contained and has paid the premium stated therein subject to the terms, conditions, provisions, exceptions
contained herein or endorsed or otherwise expressed herein.
NOW THIS POLICY WITNESSETH that subject to the terms, exceptions limitations and conditions
contained herein or endorsed hereon the Company will indemnify the insured against loss of or damage to
any property or part thereof specified in the schedule occurring during the period of Insurance stated in the
schedule or during any period in which the Company may accept payment for the renewal of the policy by
the perils insured against as set fourth hereunder.
The liability of the Company in anyone period of insurance shall in no case exceed in respect of each of
the several items specified herein the Sum Insured or limit of any loss set opposite thereto nor in all the
aggregate Sum Insured under Section I stated in the Schedule hereto.
SECTION-I
Loss or damage to property Insured under items (a) to (d) Section-I of the Schedule whilst contained in the
premises where the Insured’s business in carried on or at other premises where the insured property is
deposited as specified in the schedule, by, FIRE, EXPLOSION, LIGHTING, BURGLARY,
HOUSEBREAKING, THEFT, HOLD-UP, ROBBERY, RIOT AND STRIKE, MALICIOUS DAMAGE.
SECTION-II
Loss or damage to property Insured under items (a) and (b) Section-II of the schedule and carried/conveyed
outside the specified premises for the purpose of Insured’s business by any cause whatsoever except as
hereinafter provided.
SECTION-III
Loss or damage to the Property insured whilst in transit as specified in items (a), (b) and (c) of Section-III
of the Schedule within the geographical area specified in the Schedule by any cause whatsoever except as
hereinafter provided.
SECTION-IV
Loss or damage to office furniture, fixtures fittings which are the property of the insured being used in
connection with the Insured’s business whilst contained in the premises where the Insured’s business is
carried on by FIRE, EXPLOSION, LIGHTNING, BURGLARY, HOUSEBREAKING, THEFT, HOLDUP,
ROBBERY, RIOT and STRIKE, MALICIOUS DAMAGE only.
Subject to the Sum Insured stated against this Section, the indemnify granted by this Section is extended to
cover damage done by Burglars and/or thieves to the premises and/or landlord’s fixtures and fitting thereof
for which the Insured is legally responsible as tenant upto 1% of the Sum Insured under this Section.
PROVIDED ALWAYS THAT the Company shall not be liable for under this Policy in respect of
(1) Loss of and/or to the property insured which may be sustained whilst the same is being actually
worked upon or from any process of cleaning, repairing or restoring and directly resulting
therefrom.
(2) (a) Property missing at stock taking in respect of which no claim has been previously notified
unless the loss be proved by the insured to be due to a peril covered by the policy.
(b) Loss of &/or damage to property insured due to mysterious circumstances/disappearance or
unexplained reasons
(3) Loss of and/or damage to the property insured whilst the same is being worn or used by the insured
or any director or partner of the insured or their spouses, members of their families, relatives or
friends or whilst in their custody for this purpose.
(4) Loss of and/or damage to the property hereby insured whilst any Public Exhibition whether
promoted or financially assisted by any Public Authority or by Trade Association or otherwise.
(5) Theft or disappearance of property hereby insured from road vehicles of every description owned
hired by or under the control of the insured and/or their partners servants, agents or representatives
where such vehicle are left unoccupied.
(6) Loss or damage caused by or arising from depreciation gradual deterioration, wear and tear, moth,
vermin and mildew,
(7) Loss or damage to any items of glass crockery, porcelain, chinaware and other articles of brittle or
fragile nature unless such loss or damage arises from accident to vessel, train, vehicle or aircraft by
which such property is conveyed.
(8) Loss or damage occasioned by theft or dishonesty or any attempt there at committed by or where
such loss or damage has been expedited or in any way sustained or brought about by.
(a) any of the insured’s family members.
(b) any servant or traveler or messenger in the employment of the insured.
(c) any customer or broker or broker’s customer or angadias, cutter or goldsmiths in respect of
the property hereby insured entrusted to them by the insured, his or their servants or agents.
(9) (a) Loss or damage occurring whilst in transit in India to ultimate destinations
outside the Geographical area stated in the Schedule.
(b) Loss or damage to property hereby insured intended for export from the time such property
leaves the insured’s premises in the ordinary course of processing for transit and during
transit for delivery to customs or carrier or post office.
(10) Loss or damage arising from detention, confiscation, nationalisation, requisition, occupation or
willful destruction by or under the order of the Government or any public or local authority.
(11) Any loss following use of the key to the safe or in built locker or steel cupboard as applicable or any
duplicate thereof belonging to the insured or person in whose custody the insured property is unless
such key or duplicate key has been obtained by threat or by violence.
(12) Loss or damage to property insured whilst in window display at night or whilst kept out of safe after
business hours.
(13) Any consequential loss or damage including delay.
(14) (a) Loss or damage occasioned by or through or in consequence, directly or indirectly or any of
the following occurrences namely earthquake, volcanic eruption, cyclone, typhoon,
hurricane, tornado, flood, storm, tempest or other similar convulsions of nature unless
specifically covered by payment of additional premium.
(b) Subterranean fire or atmospheric disturbances.
(c) war, invasion, acts of foreign enemy, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection, military or usurped power, material law.
(15) (a) Loss, destruction of or damage, to any property whatsoever or any loss or expense,
whatsoever resulting or arising therefrom or any consequential loss.
(b) Any legal liability of whatsoever nature directly or indirectly caused by or contributed to by
or arising from Ionising, radiations or contamination by radioactivity from any nuclear fuel
or any nuclear waste from the combustion of nuclear fuel or from any nuclear weapons
material.
(16) Loss or damage caused by Terrorism & Sabotage activities.
AND in the event of any claim arising, hereunder for loss of damage to the property covered by this Policy
the insured shall, if so required and as a condition precedent to any liability of the Company prove that the
loss or damage was not directly or indirectly occasioned by happening through or in consequence of the
above excepted circumstances or causes.
SPECIAL WARRANTY
Warranted that all property including cash and currency notes whilst at the premises specified in the
schedule shall be secured in locked safe of standard make at all times out of business hours.
It is further warranted that if numerical safe is used for storage, then the combination number of safe shall
be known and used only by partners / directors and nominated employees, Mr./Ms. _________________&
Mr./Ms.___________________________at all times during the currency of the policy.
CONDITIONS PRECEDENT TO LIABILITY
1) BOOK KEEPING
The insured shall keep a daily record of the property (quality and value) both on the premises and
entrusted to any persons covered under the Policy, Such record shall be deposited in a secured place
in the insured premises, Preferably a copy be maintained at a place other than the insured’s business
premises.
The record should be produced as documentary evidence in support of a claim under this Policy.
2) MAINTENANCE OF KEYS
The keys to the premises &/or safe shall not be left on the premises out of business hours unless the
premises are occupied by the insured or any authorised employees of the insured; In which case,
such keys if left on the premise shall be deposited in a secured place.
3) ENTRUSTMENT
The insured shall cause the persons to whom the insured property is entrusted to maintain a daily
record of the property, (quality, and value) entrusted by all persons to them. Such records shall be
deposited in a secured place and produced as documentary evidence.
GENERAL CONDITIONS
THIS POLICY and the SCHEDULE shall be read together and any word or expression to which a specific
meaning has been attached in any part of the policy or of this Schedule shall bear such meaning wherever it
may appear.
(1) All Notices and Communications relating to this Policy are to be sent to the Company in writing,
No receipt for renewal premium is valid except on the official from issued by the Company and no
Endorsement on this Policy or alteration in the terms thereof is valid unless countersigned by an
authorised Official of the Company.
(2) The Insured shall take all reasonable precautions for the safety of the property as regards, selection
and supervision of employees securing all doors and windows and other means of entrance or exit
otherwise and shall not withdraw or vary the protection and/or safeguards as are referred to in the
proposal form to the detriment of the interest of the Company without its consent.
(3) The policy shall be void and all premium paid hereon shall be forfeited by the Company in the event
of mis-representation, misdescription or non-disclosure of any material particulars.
(4) No claim shall be recoverable hereunder if any change shall be made in the premises or in the
conditions of the risk as existing at the time of acceptance unless the Company shall by endorsing
hereon declare the insurance to be continued.
(5) The Company shall in no case be bound to accept any notices of any transfer of interest arising
hereunder and nothing hereunder contained shall give any right against the company to any person
other than the insured.
(6) The insured shall keep proper stock and account books in which all sales and purchases are
recorded. The Insured shall also maintain a separate register for deposit and withdrawals of stock
from bank /private lockers.
(7) The insured upon becoming aware of any loss in respect of which a claim is or may be made shall
take all practicable steps to trace and recover the property and in the event of theft or damage (direct
or indirect) to discover the person by whom the property was stolen or damaged and to prosecute
and obtain the conviction of such person for offence and trace and recover any property stolen.
(8) The Company may cancel this Policy by sending seven days notice by registered letter to the
insured at his last known address and in such event will return to the insured the premium paid less
the pro-rata portion thereof for the period the policy has been in force or the policy may be cancelled
at any time by the insured on seven days notice and (provided no claim has arisen during the then
current period of insurance) the Insured shall be entitled to refund of premium less premium at the
Company’s Shot Period rates for the period of the Policy ha been in force.
(9) If the claim be fraudulent or if any fraudulent means or devices be used by the Insured or anyone
acting on his behalf to obtain any benefits under the Policy or if any destruction or damage be
occasioned by the willful act or with the connivance of the insured all benefits under this Policy
shall be forfeited.
(10) The insured shall use due diligence and do and concur in doing everything reasonably practicable to
avoid or diminish any loss under the policy.
(11) The Company shall not be liable to make any payment under this Policy in respect of any loss or
damage if discovery thereof be not made within 15 days of the happening of the same.
(12) Upon the happening of any event giving rise to a claim under this Policy coming to the knowledge
of the insured :-
(a) The insured shall give notice to the Police and to the Company within 24 hours and take all
practicable steps to discover the guilty person or persons and to recover the property lost or
stolen and to prosecute and obtain the conviction of such person or persons for the offence.
(b) The insured shall deliver to the Company within fourteen days from the date on which the
event shall have come to his knowledge a detailed statement in writing of the loss or damage
with on estimate of the actual value of such articles lost and the amount of the damage
sustained.
(c) The insured shall permit the authorised representatives of the Company to examine the
premises and books of accounts and shall furnish all explanation voucher proof of ownership
and other evidence to substantiate the claim and the Company may if deemed necessary
require corroborative evidence of the statements of the insured or of any member of his
family or his employees in support of any claim.
(14) The Company at any time before payment of a claim and notwithstanding that an offer of settlement
has been made instead of paying the amount of the Loss or Damage in respect of any property may
make it good reinstating or replacing any of the property lost or damage or such item or parts thereof
as company may think fit and paying the amount of Loss or Damage in respect of the residue of
such property. Provided that if the Company elects to replace any property the company in making
good of the Loss or Damage shall not be bound to replace or reinstate such property exactly and
completely but only to do substantially as nearly as circumstances permit and in a reasonably
sufficient manner. In case where any of the property is insured elsewhere the Company may join
with any other insurance Company or insurers in replacing or reinstating the same.
(15) If the time of any loss or damage there shall be any other subsisting insurance against such loss or
damage the Company shall not be liable for more than its ratable proportion of such loss or damage.
(16) The insured and any claimant under this Policy shall at the expenses of the Company do and concur
in doing and permit to be done all such acts and things as may be necessary or reasonably required
by the Company for the purpose of enforcing any rights and remedies or of obtaining relief for
indemnity from other parties to which the Company shall be or would become entitled or subrogated
upon the Company paying for or making good any loss or damage under this Policy whether such
acts and things shall be or would become entitled or required before or after the insurance
indemnification by the Company.
(17) The basis of valuation of property insured for the purpose of this insurance shall be the Insured’s
cost plus ten percent thereof.
(18) Immediately upon the happening of any loss or damage the Sum Insured under Section-I shall be
reduce by the amount of loss or damage and the sums insured under the various items specified in
Section-II and III of the Schedule shall be reduced in the same proportion as the Sum Insured under
Section 1 is reduced and such reduced Sum insured shall be limit of any loss occurring during the
current period of the Policy unless the Company consents upon payment of prorata additional
premium for the unexpired period to reinstate the full sums insured.
(19) If any dispute or difference shall arise to the quantum to be paid under the policy liability being
otherwise admitted such difference shall independently all other questions be referred to the decision
of a sole arbitrator to be appointed in writing by the parties to of if they cannot agree upon a single
arbitrator within 30 days of any party invoking arbitration the same shall be referred to a panel of
three arbitrators, comprising of two arbitrators, one to be appointed by each of the parties to the
dispute/difference and the third arbitrator to be appointed by such two arbitrators and arbitration
shall be conducted under and in accordance with the provisions of the Arbitration and Conciliation
Act, 1996.
It is clearly agreed and understood that no difference or dispute shall be referable to arbitration as
herein before provided, if the Company has disputed or not accepted liability under or in respect of
this policy.
It is hereby expressly stipulated and declared that it shall be a condition precedent to any right of
action or suit upon this Policy that award by such arbitrator/arbitrators of the amount of the loss or
damage shall be first obtained.
It is also hereby further expressly agreed and declared that if the Company shall disclaim liability to
the insured for any claim hereunder and such claim shall not within 12 calendar months from the
date of such disclaimer have been made the subject matter of a suit in a court of Law, the claim shall
for all purposes be deemed to have been abandoned and shall not thereafter e recoverable hereunder.
(20) a) Condition of average applicable to losses under Sec. I II & III of the Policy :- If the property
covered hereby on all the specified premises under Section-I and outside the premises in
custody and or held in trust by various parties covered under Sections. II & III, shall at the
time of loss or damage by any perils hereby insured against, be collectively or greater value
than the sum insured under Section I, II & III then the insured shall be considered as being
his own insurer for the difference and shall bear ratable share of the loss or damage
accordingly.
b) Condition of Average applicable to Sec. IV : If the property covered under Sec. IV of the
Policy shall be collectively of greater value that the Sum Insured under Sec. IV then the
insured shall be considered as being his own insurer for the difference and shall bear ratable
share of the loss or damage accordingly.
(21) In the event of loss or damage to any article forming part of a pair or set, but in any event the
Company’s liability shall not exceed the proportionate part of the sum insured in respect of the pair
or set.
(22) The due observance and fulfillment of the terms, provisions conditions and endorsement of this
Policy in so far as they relate to anything to be done complied with by the insured and the truth of the
statements and answers in the said proposal shall be condition precedent to any liability of the Company to
make any payment under this Policy.
N.B. IN THE EVENT OF DISHONOUR OF PREMIUM CHEQUE THE POLICY
AUTOMATICALLY STANDS CANCELLED AS FROM INCEPTION.