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Quarterly newsletter - January 2016
Anglo Belge Special Risks
SUMMARY
PROCESSING RISK: PAY LESS AND BE BETTER PROTECTED.
AT LEAST TWO PERSONS OR YOU GET NOTHING BACK!
OUR SERVICES
Jeweller’s Block Policy (JBP)
Silk Insurance - Jewellers
Fine arts, Jewellery & Antiques
Kidnap & Ransom
Term life & Personal Accident
Credit Insurance
ANTWERP DIAMOND TRADE FAIR 31.01>02.02
PROCESSING RISK:
PAY LESS AND BE BETTER PROTECTED.
The various processes involved in transforming a rough diamond into cut diamonds are not without risk. Yet most of the Jewellers Block policies exclude them. Hence the need –according to us! – to subscribe to a specific insurance when you take the risk in processing a stone.

By subscribing to an annual policy for this kind of risk, the price for insuring the manufacturing of high risk stones will be compensated by the price asked for stones presenting a lower risk covered under the same policy. Result: you benefit all year round of an optimal coverage at a better price. Additional advantage: when everything went as predicted and there is no claim, you benefit from the No Claim Bonus just after the manufacturing of the stone and not at the end of the year.

Anglo Belge: the best ways to consider Processing Risk

The risk is included in the annual Jewellers Block policy. We recommend this for diamond dealers who regularly process small to medium size stones and tend to process a regular amount of stones.
For larger stones, either you choose for a tailor made annual policy, or you choose for a case-by-case coverage. You then have to:
° Ask your broker for an insurance premium and conditions indication based on information you have to provide;
° If asked by the insurers, obtain a risk assessment carried out by an independent expert. This will enable to confirm the initial indication.
° In addition, regular progress reports during the processing phase must be performed and transmitted to the insurers.

In all cases, the annual policy represents the most advantageous financial solution, as explained above. For further info, call us on
+32 (0)3 218 91 28.


With Anglo Belge, benefit from an overall view of the risk
Diamond manufacturers often underestimate the impact certain risks can have on their Jewellers Block policy (theft during transport or when on consignment at factories...). As your expert advisor, Anglo Belge keeps an overall view of the risk and offers you a tailor made solution.
AT LEAST TWO PERSONS OR YOU GET NOTHING BACK!
January 31st, 2016 starts the Antwerp Diamond Trade Fair. Will you be there? Or have you planned another event this year?

If so, do not lose sight that your insurance policy covering valuables might require the presence of two persons during transport, trade fairs or when opening & closing of your business premises. We are referring to the “Two Person Warranty” or “Two Person Condition Precedent” insurance clause within your Jewellers Block Policy.

Imagine following situations...

- You have been dropped at the entrance of the airport with a case full of valuables. You are heading towards the check in while your colleague parks the car.
- It’s midday, you have been on your booth since dawn and you would care for a sandwich. Before hopping of to the snack-bar you ask your colleague what he would like to eat.
- It’s the end of the day and you would like to close the office. Your colleague left the office earlier for an appointment and just called he wouldn’t come back. By leaving alone your business premises you are breaching the warranty.

Big mistakes!
If your insurance policy includes a Two Person Clause, you are not covered in case of a claim!

Which factors determine if a two person clause is added in your insurance policy? When

the value of the carried good is significant,
the destination or carrying zone is considered as risky,
the skill of the carrier : too young, too old, or too inexperienced,
the need for attention could be fragile: distraction is the best way to carry out a theft during a fair, like at the Antwerp Diamond Trade Fair for example.
the level of vulnerability of one person is too high during opening and closing of premises : depending on the location, the season, or the experience of the person in charge of their opening and closing.

Pay attention
And closely look up your contract because the Two Person Warranty is highly restrictive and must be strictly followed. In case of non-compliance, any negotiations with the insurance company are out of the question and the coverage will be declared null and void. Do you have any doubts regarding the clauses within your policy or in terms of your policy’s interpretation? Contact us on +32 0(3) 218.91.28, we will be happy to advise you.
Jan Van Rijswijcklaan, 143 - 2018 Antwerpen + 32 3 218 91 28 CONTACT US JOIN US
Anglo Belge Special Risks NV | www.anglobelge.com