Don’t fear the jewel thief If an over enthusiastic waiter accidentally spills red wine on your new louis vuitton bag, surprise him with a smile rather than a rebuke.Wondering how? Enter tata aig.The insurer offers a tailor made product for high networth individuals(Hnis)That covers fine art, personal belongings and other valuables. Very first claim was for the loss of a button which was worth lakh from a jodhpuri suit, recalls gopa menon, private client group(Pcg)Head, tata aig.For us though, the client finally found it, he jests. While standard home insurance policies do cover house and personal belongings, there are usually limits on the amount covered under each head. Your valuable possessions may be grossly under covered.What more, most of the home insurance policies specifically exclude art and precious items. Tata aig pcg insurance covers a wide spectrum of valuables.Fine art, paintings, jewellery, wine and other collectibles, such as stamps, coins and watches, all find place in the insurance cover. Fancy the latest tech paraphernalia or bought a sauna or lift?You can insure all these too! Cover almost all personal belongings designer watches, pens, cufflinks, clothes.We have also covered carpets in the past, says menon. Tata aig policy offers an all risk cover.This protects your valuables against fire and other perils such as earthquakes, floods and even terrorism. On a less calamitous note, burglary, theft and accidental damage or loss are also covered.With household equipment and gadgets, the cover includes breakdown, electrical and mechanical failure besides accidental loss and damage. One of the specialised covers under tata aig is for fine art and jewellery.Paintings are covered for all risks, including accidental loss or damage.Reimbursed a client when one of his paintings was scratched and damaged by his pet dog, says menon. In the case of art, you have to furnish a valuation report at the time of taking the policy, which should not be more than three years old. This valuation will become the basis for http://www.thebopps.co.uk/ calculating the value of the cover as well as to decide the premium rates. In case of jewellery too, all risks are covered.At the time of taking the policy, you need to submit a valuation report by a government approved jeweller, or bills of invoices, or a wealth tax report. Usually, your jewellery is scattered in different places http://www.thebopps.co.uk/ some in the bank, some at home, some on you.The policy covers jewels kept in each of these places, but is limited to the amount you initially declared under each head. For instance, you own and want to insure crore worth of jewels.Of this, you declare that crore is in your bank locker, and crore at home. In case your home is burgled and the jewellery stolen, you will be reimbursed only up to crore.The limit stands even if you brought home jewels from your bank to don for a special occasion. But don despair, for there is a way out.There is a special occasion, such as a wedding or festival, clients can take an additional cover for a specified period for which they will be charged additional premium, says menon. Most of the time, the value of the claim is fixed at the time of taking the policy.In case of art or jewels, the valuation report submitted helps in arriving at the value of the claim. In other cases, you can declare the total value of the items inside your house at the time of taking the policy. Can specify the value of the contents, but need not list down all the contents, says menon. At the time of making a claim, the insurance company verifies the amount of loss of a particular item based on either the valuation report or the market value of that particular item. For instance, in case of a decorative lladro piece, the company verifies when it was bought to zero in on the value.If you bought a limited edition piece, the appreciated value is taken into account. Try it on:Your jewellery has a ccc cover for care, custody and control.If your family jeweller leaves you with a new ensemble, you are covered for up to lakh for a period of 15 days.