Jewellers Block Insurance in the UAE

Jewellers Block Insurance is a specialised business insurance product for jewellers, gold dealers and other eligible businesses handling valuable stock. It may cover declared gold, jewellery, watches, precious stones and related trade property against specified loss or damage, subject to the issued policy wording, limits, deductibles, security conditions and exclusions.

The policy is intended for commercial jewellery operations rather than private jewellery collections. The insured business activities, premises, stock values, security arrangements, transit methods and other exposures must be accurately declared and accepted by the insurer.

What Jewellers Block Insurance May Cover

Depending on the issued policy, cover may include:

1. Stock at the premises: Declared gold, jewellery, watches, diamonds, gemstones and other eligible stock at the insured location.
2. Property entrusted by customers: Eligible items accepted for repair, alteration, valuation or another declared business purpose, when expressly included.
3. Goods in display windows: Declared stock displayed in showcases or windows, subject to agreed protections and limits.
4. Furniture and fittings: Declared showcases, counters, furnishings and business fittings when included in the policy.
5. Goods in transit: Eligible stock transported by authorised persons using approved methods, routes and security arrangements.
6. Sendings: Jewellery sent to customers, suppliers, repairers or other approved parties, when expressly covered.

Fire, theft, burglary, robbery, accidental damage, water damage or natural events are not automatically covered merely because the policy is described as a Jewellers Block policy. The cause and circumstances of the loss must fall within the issued wording.

Who May Need Jewellers Block Insurance?

The policy may be relevant to:

1. Jewellery retailers and showroom operators.
2. Gold and precious-metal dealers.
3. Jewellery wholesalers and distributors.
4. Jewellery manufacturers and workshops.
5. Watch and gemstone dealers.
6. Businesses repairing, altering or valuing jewellery.

Important Policy Conditions

1. Stock records: The insured should maintain accurate purchase, sales, consignment and inventory records.
2. Insured values: Stock values should follow the valuation basis required by the policy and reflect the declared business exposure.
3. Safe and vault requirements: Stock may need to be secured in approved safes or vaults outside business hours.
4. Premises security: Agreed alarms, CCTV, locks, shutters, guards and access controls should remain operational.
5. Display limits: Separate limits may apply to showcases, display windows and stock outside safes.
6. Material changes: Changes to locations, stock values, activities, security or transit arrangements should be disclosed.

Transit, Exhibitions and Sendings

Cover for goods outside the insured premises is not automatic. Transit may be restricted to authorised employees, security companies, couriers, declared vehicles, geographical areas and maximum values per journey.

Exhibitions, trade shows, temporary displays, overseas journeys and goods carried by sales representatives require specific disclosure. Coverage may be subject to separate limits, security arrangements and territorial conditions.

Employee Dishonesty

Theft, fraud or dishonest conversion by employees is not automatically covered under every Jewellers Block policy. A fidelity section may be available when expressly included and may require an employee schedule, internal controls and a separate limit.

Loss involving consultants, temporary staff, subcontractors or business partners may fall outside the policy unless those persons meet the applicable definition or are specifically included.

Common Exclusions and Limitations

Jewellers Block Insurance may exclude or restrict:

1. Unexplained disappearance: Missing stock where no identifiable insured event can be established.
2. Inventory shortages: Loss discovered only during stocktaking or record reconciliation.
3. Unattended property: Stock left in an unattended vehicle or unsecured location.
4. Wear and deterioration: Scratching, gradual deterioration, inherent defects or ordinary wear.
5. Defective work: Damage arising from faulty manufacture, repair, cleaning or alteration may be excluded or limited.
6. Employee dishonesty: Unless a fidelity section has been expressly included.
7. Cyber and payment fraud: Electronic fraud, cyberattacks and fraudulent transfers may require separate insurance.
8. Excluded events: War, confiscation, sanctions, deliberate acts and other exclusions stated in the policy.

What to Do After a Loss

1. Take reasonable steps to prevent further loss or damage.
2. Notify the police promptly following theft, robbery or burglary.
3. Notify Al Buhaira Insurance as soon as reasonably possible.
4. Preserve CCTV recordings, alarm reports and access records.
5. Keep inventory records, invoices, valuations and photographs.
6. Notify carriers or custodians within the required period where relevant.
7. Do not agree to a settlement without prior insurer approval.

Documents Required

The insurer may request documents and information such as:

1. Completed proposal or quotation form
2. Trade licence and company details
3. Description of jewellery business activities
4. Maximum stock values at each premises
5. Stock, purchase and sales records
6. Customer and consignment stock details
7. Safe, vault and strongroom specifications
8. CCTV, alarm, guard and access-control details
9. Display-window and showcase values
10. Transit routes, methods and maximum carrying limits
11. Exhibition, sendings and off-site activity details
12. Employee responsibilities and internal-control procedures
13. Previous insurance details and claims history

Why Choose Al Buhaira Insurance?

1. Miscellaneous insurance range: Jewellers Block Insurance is available within Al Buhaira Insurance’s miscellaneous insurance products.
2. Dedicated quotation page: Jewellery businesses can submit initial stock, premises and security details online.
3. Trade-based assessment: Quotations can consider declared stock values, premises, displays, transit and requested sections of cover.
4. Policy enquiries: Customers can enquire about issued limits, security conditions, deductibles and extensions.
5. Claims enquiries: Policyholders can report incidents and provide supporting records for assessment under the issued policy.

Frequently Asked Questions