All Risks (Jewellery and Valuables) Insurance :
Policies under this form of insurance cover risks in respect of jewellery, plate, watches, personal ornaments and other valuables. Loss or damage by any accident or misfortune including fire, theft, robbery from the person, defective settings or fastening and accidental damage are thus covered. The policies do not, however, cover loss or damage:
(i) Occasioned by or in consequence of war, invasion, act of foreign enemy, hostilities, civil war, noting, rebellion, revolution, insurrection, military or usurped power, riot, civil commotion, earth-quake or other convulsions of nature;
(ii) caused by or arising from any process of repairing, restoring or renovating any property insured;
(iii) Due to moth, wilder, wear or other deterioration or inherent defect in any property insured. The insurance is applicable in all places within the geographical limits provided for in the policy.
Exclusions
The exceptions peculiar to a burglary (business premises) policy are:
(i) Loss or damage where any member of the insured’s household or his business staff is concerned as principal or accessory or resulting from any act committed by any other person lawfully on the premises wherein the property may happen to be;
(ii) Loss or damage which can be insured against by a fire or a plate glass or a motor insurance policy;
(iii) loss of or damage to deeds, bonds, bills of exchange, promissory notes, cash, treasury, bank notes, cheques, securities for money, stamps, stamp collections, books of accounts, manuscripts, documents of any kind and medals and coins, unless specially mentioned and agreed to be covered.
Extension under the Policy
An extension of the policy frequently sought is in respect of riot and strike damage which is a common exclusion in all policies. Riot as included in the policy is deemed to mean riot as defined in the Indian Penal Code.
Extension (Infidelity of Employees)
The normal policy does not cover loss to the insured arising through the acts of dishonesty by the employees entrusted with the carrying of the money.
The policy is extended at additional premium to cover any loss to the insured of the property insured by any act of fraud or dishonesty committed by the employees or employees carrying the property. This is known as ‘Infidelity Extension’.