A block policy provides a form of inland marine insurance. It covers loss to the property of a merchant, wholesaler, or manufacturer including property of others in the insured’s care, custody, or control property on consignment and property sold but not delivered. A block policy covers loss caused by most perils (including transportation), subject to certain limitations as specified in the policy exclusions. Common block policies are jeweler’s block and furrier’s block policies.
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A Policy covering all the property of the insured (usually a merchant) against various perils, including losses during transportation. It may also cover property of others held by the insured as consignment sold but not delivered, or held for repairs or otherwise. It usually covers both property on and off the insured premises e.g., Jewellers’ Block Insurance, Musical Instruments Dealers Insurance, and Equipment Dealers Insurance.
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UK: Property insurance covering inland transit risks on infrequent ‘shipments’ by rail, parcel post or road conveyance. The policy may be ‘all risks’ or named perils subject to a per-shipment limit and exclusions. Cover includes the property of others in the insured’s custody or control. As the premium is fixed, the insured is not required to make regular declarations of shipments. The jeweller’s block policy is a particular form of block policy.