FAQs: OLOCKER

What is the way to access my OLocker?

You can access your OLocker by logging into the website. Your mobile number becomes your user id and logging in has been made easy through use of one time password (OTP).

How secure is OLocker?

–  OLocker is fully secured and its features can be accessed by logging in.

– Each data stored on your Olocker is secured by using latest encryption-decryption algorithm and servers are protected with most advanced web and data security systems.

– Olocker.in and its current or future associates don’t access or share your or your jewellery information with anyone without your explicit permission.

What is the validity of my OLocker subscription?

The subscription your receive is valid for 365 days from date of your purchase.

What happens after 365 days?

Your OLocker subscription is renewable on yearly basis. OLocker reminds the subscribers for renewal few days before the expiry through SMS, Calls and emails.

What happens if I don’t renew my OLocker subscription?

The insurance on your jewellery can only be renewed before its expiry. The insurance cant be renewed under any circumstance if it has expired.

FAQ- JEWELLERY INSURANCE 

Who is providing insurance cover for my jewellery?

The insurance cover is being provided by leading general insurance companies of India through a custom built program for OLocker subscribers.

What are the losses/perils covered under the policy?

The insurance covers you from loss or damage from a host of specific risk like:

  • Theft, Burglary/ housebreaking, Robbery , Dacoity
  • Fire, Lightening, Hurricane, Flood & Earthquake
  • Terrorism
  • Loss during transit (within and outside India) while accompanied by insured.

Kindly refer the accompanied terms & condition documents and ‘Terms & conditions’ available on website for complete coverage.

What are the exclusions of this policy?

The cover excludes loss/damage from perils like :

  • Falling of jewellery, diamonds getting dropped from the jewellery
  • Any losses sustained during repairing/ restoring
  • Any losses due to mysterious circumstances / unexplained reasons
  • Loss due to gradual depreciation, wear & tear
  • Losses to jewellery left in unattended vehicles of any description
  • Losses to the jewellery when kept in unlocked fashion
  • Losses due to negligence of the client

Kindly refer the accompanied terms & condition documents available on website for complete coverage.

How the value of jewellery is arrived at for protection purpose?

The jewellery will be insured as per the value of the invoice supplemented.

Will insurance company pay full amount in case of claim?

Claims shall be payable as per following calculations:

  • For gold, silver and platinum content of the jewellery, the invoices price and market price at the time of settlement shall be compared and the claim will be settled at lower of these two prices.
  • The value of diamond, colour stones etc will be settled on the basis of the value declared in invoice.
  • There will be an additional 10% shall be added towards labour charges ( if actual labour charges are less, than actual charges)
  • Claim shall be settled after deduction of 5% from the value arrived at using above calculations. The insurance co deducts these charges towards excess which us payable by the claimant.
  • The insurance co pays 75% of the admissible claims and rest of it when the claimant shares the final closure report.

When does the protection begin?

The protection begins immediately after generation of certificate of insurance and is valid for 365 days. For an example- if your certificate mentions start date as 16/12/2019, then insurance cover is available till midnight of 15/12/2020, that means any loss which occurs due to covered reasons from the time of you getting insurance till midnight of 15/12/2020, its covered.

At the time of loss, jewellery was being worn by my relatives/friends? Will loss be covered?

The protection program covers the use of jewellery by you or your family members. The family members include your- parents, siblings, lineal descendants, spouse & daughter in law. In case of married females, the list will also include blood relatives of her husband. Following are not covered though:

  • Loss when jewellery is in possession or being used by your friends
  • Loss when jewellery is in possession or being used by other relatives like uncle, aunt, cousin etc.
  • FIANCE is not covered in above definition of relative.

We kept the jewellery in bank locker and there was a theft. Will it be covered?

No. The policy covers losses when the jewellery is in possession of either the insured or covered family members. When the jewellery is kept in a bank locker or may be with a pawn broker, it is out of scope of your current policy.

What should I do if I have suffered loss of the jewellery or there is a claim situation?

Immediately on coming to know of the incident:

  • Inform the Police and get the FIR done; The insurance co will not consider any other document for claims admission.
  • Call us at our helpdesk number 9920888308 or intimate us via email at assist@olocker.in. Our team will assist you and take the claim for further processing.

What all documents are needed in case of a claim?

Following set of documents are required to be produced:

  • Original purchase invoice of jewellery
  • First information report (FIR)
  • Any other documents which surveyor may ask for
  • Final report (FR) if is warranted by surveyor/ insurance company
  • A proper KYC must be established before claim proceeds are settled into your bank account. You must insure that the name which appears in policy document matches with your PAN and/or Aadhar card name.

IS FIR mandatory?

Yes. First information report is mandatory and has to be submitted at the time of claim registration on our website. Insurance company will not entertain any modification in FIR submitted once hence you must get your FIR recorded very diligently.

What are the processes that follow after claim intimation? What is time involved?

Once you intimate us the claim, our team takes up the claim for further processing which involve appointment of surveyors or investigators (surveyors) as the case may be. These surveyors if needed undertake a visit to the location of the loss and interact with you. They submit their report to insurance co and insurance co takes a decision with regards to passability of the claim. This entire process takes anytime between 30-60 days to complete. In few cases, where insurance co feels more deep diving is needed, claims may take more time to settle. In certain cases, the insurance co may insist upon FINAL CLOSURE REPORT as well.

What are few important points to take care of if there is some claim situation on my jewellery?

In case of claim, the following precaution are expected of you:

  • Report the claim to us and get the FIR done as soon as possible.
  • Try to act diligently after the event and ensure that you have carried out all steps necessary to recover the jewellery or control the damages.
  • Capture as many photographs as possible of the event to help the survey and investigations. If there are some CCTV footage available, try to procure that also.
  • Please ensure that your FIR captures the event perfectly. NO SUPPLEMENTARY FIR or REVISED FIR will be acceptable.
  • Please ensure that description and amount of jewellery is captured properly in the FIR.
  • Keep all the relevant documents ready. For an example- if there is event during travel, produce all the travel proof like tickets etc.
  • Be very particular about how you interact with authorities like Police, surveyor etc. at every stage. Changing of statements and event details is one of the big reasons for claim rejection.

What is the maximum value of the jewellery which can be insured?

Value of a single piece of jewellery cant exceed Rs. 25 Lacs.