How does jewelry insurance work?
Jewelry insurance is an insurance product that provides risk protection for jewelry, mainly targeting target customers such as jewelry dealers and individual collectors, to protect jewelry from losses caused by accidents such as fires, floods, and theft. The main purpose of jewelry insurance is to provide property damage, theft, robbery and other risk protection for valuable items such as jewelry, gemstones, gold and silver jewelry. Its coverage includes but is not limited to losses caused by accidents such as fires, floods, theft, etc. This insurance product is an important risk management and asset protection tool for jewelers and individual collectors. The operational mechanism of jewelry insurance includes several key aspects: Coverage: Jewelry insurance usually covers losses caused by natural disasters or accidents such as fire, explosion, lightning, rainstorm, flood, storm, etc. In addition, it also includes losses caused by criminal violence such as robbery or theft. Insurance conditions: The insured subject matter must be in a safe storage state, such as within the insured’s actual place of residence, during the insured or wearer’s wearing process, carried and under control, and cannot be out of the insured or wearer’s controllable line of sight. Additional requirements under specific conditions: For example, when the insured or wearer checks into a hotel and carries jewelry worth more than a certain amount, all jewelry must be stored in the hotel’s central control safe or similar facility.
Exemption from liability: In certain circumstances, losses are not compensated, such as intentional or grossly negligent acts of the policyholder, insured, and their representatives, acts of war, nuclear radiation, earthquakes, etc.
Claims process: After a loss occurs, the insured needs to report to the local police within a certain period of time and provide a proof of loss issued by the police in order to make a claim.
Jewelry insurance not only provides important risk protection for jewelers and individual collectors, but also helps promote the stable development of the jewelry industry and the safety protection of personal assets
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