Insure imitation jewellery shipments with an all-risks marine cargo policy, usually written on Institute Cargo Clauses (A), for the invoice value plus about 10 per cent, covering the goods from the maker's premises to your warehouse. Jewellery is small, valuable for its size and easy to steal, so the cover matters more than for bulky goods.
Do not rely on the courier's or airline's standard liability. It is limited by weight or by a fixed sum per parcel and rarely covers the real value of a carton of plated jewellery.
Who arranges the insurance
The Incoterm decides. Under CIF or CIP the seller buys insurance, but only to a minimum level unless you ask for more; under CIP the default is all-risks cover, under CIF it is the narrower Clauses (C). Under FOB, FCA or EXW you insure the goods yourself.
For regular buyers an annual open policy is simpler than buying cover shipment by shipment. Your freight forwarder or a local marine insurer can quote it, and each shipment is declared against it.
Points to check in the policy
- Theft and pilferage, including theft of whole cartons, are covered, not excluded.
- Cover starts at the maker's premises or at your consolidation point in Rajkot, not only at the port or airport.
- Courier and postal shipments are covered if you use them, since some cargo policies exclude them.
- The insured value includes freight and duty if you want to recover your full landed cost after a loss.
- Claims need a survey report or a carrier's damage note; know the deadline for notice, often a few days after delivery.
Making a claim work
Insurers pay on evidence. Photographs of sealed cartons at dispatch, carton weights recorded at packing, the packing list and the inspection report are what turn a short delivery into a paid claim. Note any damage or a weight difference on the delivery receipt before you sign it clean, and tell the insurer and the carrier in writing straight away.
Keep damaged goods and packing until the insurer says you can discard them. A surveyor may want to see them.
What this means for a buyer
Decide the Incoterm and who insures before you place the order, and ask for the policy or certificate before the goods move. Creston & Co works for buyers only, for a fixed fee agreed in writing. We supervise packing, photograph and weigh each sealed carton, and keep the records an insurer will ask for. Ask for a free sourcing review.