The multi-storied textile showroom is covered under a package policy for shops, the official said preferring anonymity. The policy covers stocks, building, cash-in-till, sign boards and other assets for damage due to fire and other perils.
"The fire was put out today (Thursday). The surveyors will be appointed soon," the official told IANS.
The Coimbatore region of New India Assurance Co Ltd bagged the insurance for the showroom for the first time. Earlier it was insured with National Insurance Company.
The loss is estimated to run into several crore of rupees as stocks, building and other assets have been destroyed.
"We understand the jewellery has been safeguarded by moving it to a different place. To that extent our loss will be less," the official added.
The Chennai Silks group's jewellery outlet was also located in the fire-hit building.
The building suffered major damage as portions of it gave in due to intense heat as the fire raged for over 30 hours.
According to Tamil Nadu government officials, the remaining portion of the building will be pulled down after studying its stability.
The showroom caught fire on Wednesday morning and it burnt for over 30 hours.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.