My daughter is getting married in November. I want to get her jewellery insured. Is it possible? If yes, what tenure can I choose? Will it be covered in transit, say, when I am bringing it home from bank? What are the valuation norms ?
It is possible. Ornaments can be covered under event insurance policy for weddings. The period of insurance would start 10-15 days before the date of marriage and end with the completion of the wedding function(s). The period is pre-defined when policy is purchased. Since the policy applies to a location, any loss or damage to the jewellery there will be covered.
However, loss during transit is not covered. Jewellery valuation will be based on current market value.
Apart from the fine print and exclusions, what else should one know about insurance policies? Like, can one claim more than one policy he/she owns? Also, if I hold two riders of the same kind, can I claim just one and ensure the other continues to provide cover?
The coverage and exclusions are specific to each insurance product. However, they are governed by principles and practices. Some are:
Indemnity policies: These compensate to the extent of loss.
You can claim both policies. The payment will not exceed loss, and will be in proportion to the sum insured.
Benefit policies: These pay a lump sum on occurrence of the defined event. You can claim two policies on the same asset.
The writer is MD & CEO, ICICI Lombard General Insurance Company Ltd
