Can You Claim Lost Jewellery in Insurance?

Posted on: Aug 27, 2024 | 3 mins | Written by: HDFC ERGO Team

Can You Claim Lost Jewellery in Insurance?

Jewellery is valuable both financially and emotionally. It requires special care and protection as it is quite vulnerable to theft, losses, and damages because of its delicate nature. One of the most reliable ways to ensure a safety net for these precious assets is to invest in a competent jewellery insurance plan.

What is jewellery insurance?

Several insurance companies in India are currently offering promising jewellery insurance plans. It acts as a protective shield for all your insured pieces of jewellery. If anything among them gets lost or stolen, you can claim compensation from your chosen insurance provider, following the terms of your plan. Jewellery can also be protected under home insurance plans. However, despite having home insurance, it is better to maintain a standalone jewellery insurance coverage to enjoy enhanced coverage protection.

Inclusions

Although each company's jewellery insurance plan may vary from each other, however, certain standard inclusions of jewellery insurance include:

• Loss or damage of jewellery due to natural calamities like floods, earthquakes, bolts of lightning, fires, etc.

• Burglary, theft

• Chain snatching

• Accidental loss

• Loss due to house break-in

• Loss or damage of jewellery from bank deposit lockers

Exclusions

Similar to inclusions, the list of exclusions also differs from one plan to another. However, certain standard circumstances where a claim is denied include the following:

• Deliberate actions that lead to the loss or damage of jewellery

• Loss or damage of jewellery beyond the specified territorial limits

• Loss or damage due to exposure to explosion during spontaneous combustion, natural heating or from boilers

• Loss or damage due to war, nuclear strike, forest fire, or terrorism

• Loss or damage during cleaning, repairing, or other similar processes

Documents required for claim settlement

To ensure a smooth and hassle-free claim settlement, you need to justify your claim by submitting the necessary supporting documents along with your claim settlement application form.

In the case of theft or house break-in, you need to file an official police complaint and submit the FIR copy along with your claim application. Similarly, in the case of loss or damage due to any fire breakout, you have to submit a report from the fire department.

Moreover, it is best to submit a clear valuation report of your lost and/or damaged jewellery. This will make the assessment easier for the insurance authorities and speed up the overall claim settlement process.

Conclusion

If your claim follows all the principles, terms, and conditions of your chosen plan, you can raise and satisfy your claim for lost jewellery. It is best to invest in jewellery insurance even if you keep your jewellery in a bank locker. Banks do not take complete responsibility for protecting your valuable assets if there is any mishap like a fire breakout or break-in in the bank premises.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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