Not getting a bank locker? Secure gold with insurance

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When Sudha Sharma was told that she would have to wait for at least a year to get a bank locker, she decided to get an insurance cover for her gold jewellery.

As gold prices continue to rise, the demand for insuring the yellow metal is also on a roll. Insurers and jewellers feel that one of the reasons behind this surge is lack of options available to protect the yellow metal.

Typically, consumers keep gold safe through bank lockers. However, with increasing waitlists and limited availability of lockers, demand for insuring jewellery is increasing.

Insurance typically sells by fear and since gold is high value and a moveable asset, the demand for a cover is usually high. We have seen high demand coming mostly from high net worth individuals. It is growing at 20 per cent.

The specialised home insurance cover for high net worth individuals, which covers jewellery, has grown by 100 per cent annually since its launch four years ago.

Currently, the insurance industry does not offer standalone covers for jewellery, but is bundled with other home contents such as household appliances and electronics. The premium for such policies is generally around one per cent of the total sum assured. (The premium figures for this class of insurance are not separately available.)

The buyer has an option to segregate the jewellery between bank locker, a safe at home and what is worn on the body.

The insurance offered by TATA AIG for jewellery is valid while travelling abroad. The company also insure customers who store their jewellery in private lockers in the country, after evaluating the safety measures adopted by that locker, Ravichandran added.

Mumbai-based jeweller Popley and Sons is offering its customers insurance policies on every high-value purchase for free. Other jewellers are expected to follow suit.

Customised policy

General insurers are also customising insurance policy for jewellers that provides insurance protection for their entire assets, interests and liability that includes theft and any mishaps during transportation of jewellery.

Suresh Nair, Head-Speciality Lines, Bajaj Allianz General Insurance, said the company has tie ups with leading jewellers across major cities and is currently in talks with other jewellers for more tie-ups.

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