Gold shops get cheaper insurance

PHUKET: Gold shop owners on Phuket have agreed to increase their security measures in exchange for discounted insurance premiums from the Ministry of Commerce’s Department of Insurance.

Phuket Gold Shop Association Chairman Chaiyoot Prayoonyong stated that the slowdown of the economy has increased the risk of robbery nationwide and that gold shop owners have agreed to upgrade their security, by installing more surveillance cameras, alarms and security bars.

The discounted premiums for gold shop insurance policies was announced on June 6 by the Department of Insurance. Insurance policies will include coverage for damage or theft of equipment and inventory.

Premiums of 18,800, 32,900 and 47,000 baht per year are offered for coverage of one, two and three million baht, respectively.

K. Chaiyoot, owner of Rassada Gold Shop in Phuket City, said that the discounted premiums was a good idea, but that he had yet to receive any official documents from the insurance department.

There are about 70 gold shops in Phuket, most are in Phuket City and Patong, he added.

“This will be good for gold shop owners. Selling gold depends on economics, if we the have money to buy the best security systems for our shops, we will do so,” he said.