Insurance Policy

Our insurance program covers the replacement value of verified items while in transit and during vault storage. Standard coverage features include:

• Valuation Basis: Claims are valued according to the actual selling price of the item on Ishq Gems, excluding platform fees, shipping fees, and local taxes.
• Maximum Coverage Limit: Up to $50,000 USD per individual shipment. Items valued higher require customized supplemental coverage approved in writing by Ishq Gems logistics administrators.
• Premium Cost: Under the Free Tier intermediary model, a nominal insurance service rate (disclosed at invoice generation) is calculated and applied to the transaction total.

Claims must be initiated within the strict timeline limits below to remain eligible for payout:

• Damage Claims: Must be reported to Ishq Gems Support within 48 hours of package receipt, supported by digital photographs and video showing both the box condition on delivery and the damaged item.
• Loss or Theft in Transit: Must be reported within 14 calendar days of the scheduled delivery date if the package has not arrived or is marked as missing by the carrier.

To process an insurance claim successfully, the claimant must provide:

• The transaction order number and receipt of purchase.
• For damage claims: clear photographs of the exterior packaging, security seals, and the gemstone under magnification.
• A signed statement from the buyer or carrier agent confirming loss, tampering, or delivery default.
• Audited logs from our Chain of Custody records to verify the state of the item at the Colombo fulfillment hub.

Upon receipt of all documentation, our compliance and legal team will investigate the claim alongside the underwriters. Claims are typically resolved within 14 business days. Approved claim payments are disbursed directly to the verified bank account or payout wallet configuration of the affected user.

For support and to initiate a claim, contact the Insurance Administration Office: