I keep most of my jewellery in a bank locker and some in my possession. I often swap some of the pieces of jewellery in my possession with those in my bank locker. Considering the situation, how best should I go about insuring it?
Sonal Ahuja, Delhi
The best way to insure your jewellery is to cover it under a householder's policy. Since jewellery is covered on the basis of description and weight, you should draw a complete list of all your articles of jewellery with details of their weight, description and value. After calculating the total value, you can specify the maximum value that you plan to keep in the bank locker and the maximum that will remain in your possession at any point of time. The rate of premium for the jewellery that you keep in the bank will be just about 25 per cent of the normal premium. This way, all your jewellery will be covered at the minimum cost.
