Overview
This insurance product is designed for small and medium-sized businesses selling jewellery, watches, mementoes, souvenirs, clothing, ceramics and similar goods. It protects against burglary, theft and robbery. Working with specialist Lloyd’s insurers, Karavias Underwriting Agency developed cover for the needs of the Greek market, drawing on insurance arrangements used by larger jewellers and retail businesses.
Security Requirements
- A fully operational alarm system covering all openings, connected to a monitoring company that receives alarm signals, and incorporating:
- Perimeter and internal protection
- Protection for the safe
- An independent, self-protected audible siren
- Remote notification to the insured
- A Class 3 or higher anti-theft safe connected to the alarm system.
- Security shutters closed outside business hours.
- The insured stock sum must not exceed €200,000.
By special agreement, stock up to €250,000 may be insured, subject to an additional clause requiring two people to be present.
Organisational Requirements
- Purchase and sales records.
- Annual stocktake.
- Optional photographic records of jewellery costing more than €5,000.
- Stock must be allocated between the safe, display windows, showcases and counters in accordance with the policy requirements.
As with every insurance programme, the jewellers policy is tailored to the needs and specific circumstances of each insured business.
Cover
Named Perils
- Loss of or damage to insured property caused by burglary, theft, robbery or attempted burglary, theft or robbery.
- Loss of or damage to insured property caused by fire, earthquake, lightning, aircraft or other flying objects, storm, tempest, flood, burglary, overflow or leakage from water pipes or installations, or impact by a vehicle or animal that is not owned or controlled by the insured, a member of the insured’s family or an employee.
Furniture, equipment, machinery, safes, alarm systems, decoration and other contents may also be covered against insured perils, subject to the policy terms.
Additional Covers
- Transit of stock to and from the shop by its employees.
- Dispatches by courier and/or registered post.
- Transit to and storage at trade or other exhibitions, or at the insured’s home.
- Breakage of glass, up to €1,000.
- Money kept in a locked safe, up to €10,000.
- Machinery, equipment, safes, alarm systems and improvements, up to €50,000.
- Third-party liability, up to €500,000.
Tips
Our programmes can be adapted to local markets and the specific circumstances of each country.