Property Insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils.

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Standard Fire and Lightning Perils

This policy covers only two causes of loss (Perils). This is a named peril policy where the perils covered are clearly listed under the policy.

This is the basic form of cover for property.

This policy covers any unforeseen, sudden and physical damage to property insured in consequence of the following two perils (causes of loss):

  • Fire
  • Lightning

Standard Fire and Allied Perils

This policy is also a named peril policy but wider than “Fire and Lightning Policy”. This policy covers any unforeseen, sudden and physical damage to property insured in consequence of the following perils.

In addition to the below, one can also include the cover against losses and /or damage due to Burglary under this policy with an additional premium.

  • Fire
  • Lightning
  • Explosion/ Implosion
  • Damage caused by Aircraft
  • Riots, Strikes and Malicious Damage
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, earthquake, volcanic eruption, or other convulsions of nature.
  • Impact Damage
  • Subsidence and Landslide including Rock slide
  • Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
  • Leakage from Automatic Sprinkler Installations
  • Bush Fire

Property All Risks

This is an all risk form of policy wording and this is much wider than named peril policies. This Policy provides cover against accidental physical loss or damage to specified items as a result of any cause, which is not specifically excluded from the policy. Therefore, rather than listing what is covered, this policy only lists what is not covered. Cover under this policy included but not limited to all perils mentioned under “Fire and Allied Perils”.

This policy also covers Theft or Attempted Theft (by violent and forcible entry to or exit from the premises).


Business Interruption Insurance

Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster like fire etc. The income loss covered under this policy may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. This policy also covers certain standing charges that continue irrespective of the situation that the insured is placed in, like bank interests, employee’s salaries, rent, electricity etc.

It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred.


This type of coverage is not sold as a stand-alone policy, but can be added onto the business’ property insurance policy (Property All Risks or Fire Insurance Policy). Since business interruption is included as part of the business’ primary policy, it only pays out if the cause of the loss is covered by the property insurance policy.

This cover takes into consideration the following aspects, which should be addressed when opting for this cover, as follows:

  • Gross Profit
  • Net Profit
  • Standing Charges
  • Annual Turnover
  • Period of Indemnity

Jeweller’s Block

The Jewellers Block Policy is an “all risk” coverage, which means that the insurer must specify what is not covered. If a risk is not in the list of exclusions, it is covered. Typical risks that are covered are Burglary, Robbery, Shoplifting, Grab and Run, Trick Loss, Substitution and Accidental Damage, in addition to the usual risks such as Fire.

What Risks are Not Covered.

The most important exclusions are Employee Dishonesty, Damage to Goods Being Worked Upon and Mysterious Loss or Unexplained Loss. Most other exclusions can be bought back if required or they are “common sense” exclusions.

What Extensions are Available?

Coverage is based on stock at your premises but may be extended to follow your stock almost wherever it goes, including:

  • Memo of Consignment to Other Jewelers Profit
  • Bank or Safe Deposit Boxes
  • Travel by Principals or Employees
  • Shipments
  • Trade Shows and Exhibitions
  • Personal Residences
  • While Being Worn


To get a quote, please download the proposal form.