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
Loss during transit while accompanied by insured
The complimentary cover excludes loss/damage from perils like :
for which manufacturer/supplier or repairer is responsible
sustained during repairing/ restoring
mysterious circumstances / unexplained reasons
gradual depreciation, wear & tear
Dishonesty and ignorance of insured
The insured can activate the insurance for the invoice value however the settlement in event of claim shall be as per following terms:
In case where damage can be repaired, claim settled would be limited to the cost deemed necessary for restoration to its former state
In case of loss of gold jewellery, it will be equal to the lower of declared value or market value plus a maximum 10% for making charges
In case of loss of diamond jewellery, it will be equal to lower of declared value or market value.
You need to upload invoice to prove your ownership of the insured jewellery. In event of any loss or damage which you claim, you would be
required to produce the original invoice mandatorily.
The protection begins immediately after generation of certificate of insurance.
The protection program covers the use of jewellery by you or your family members. The family members include your- parents, siblings,
lineal descendants, spouse or domestic partner. Usage by your friends is not covered for protection.
This protection program doesn't cover the event, which is not identified within 14 days of occurring. So if you fail to identify an event
of loss or damage within 14 days of its happening, the protection program is rendered ineffective. Further In the event of loss, you must do the following:
Within 48 hours of your discovering the loss, you must inform the event of loss to us and police.
Within 7 days from thereafter, you are required to fill up all the mandatory documents (available on 'downloads' section of our website) and submit to us.
Your jewellery valued upto Rs. 25 Lacs (value of individual jewellery) can be offered for protection benefits. However, there is no limit for
recording information in O-Locker. It means that while you can store details of all your jewellery into your O-Locker but the benefit of protection
will be available only for jewellery valued upto Rs. 25 Lacs.
In event of loss/damage, you must initiate the claim registration process on our website. You can register your claim by submitting your certificate number
and providing the information relating to the event of loss/ damage. On uploading of First Information Report, a claim number is generated.
claim number is generated, the processes relating to survey and assessment of losses will begin. You can check the status of your claim on the website.
There are certain mandatory documents, which one needs to fill up, sign and submit to insurance company in case of claims. These documents contain - claim
intimation form and details of loss event. You must access the 'downloads' section on www.Olocker.in, download these mandatory form, fill up, sign and send
to us within 7 days of coming to know of the loss event. In the process of 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
Yes. First information report is mandatory and has to be submitted at the time of claim registration on our website.
It used to be a difficult process in past but now a days to register a FIR is more or less compulsory. Besides, there is no way for an insurance company
to verify the genuineness of the claim, hence FIR is a must.
Within 45-60 days provided you have submitted all the requisite information within stipulated time period.
No. Claim will be on hold until & unless all the required documents are not received. You will be informed on the missing documents.
The claim could be rejected due to a number of reasons mainly:
Claims emanating from exclusion list
Where the event of loss was not discovered until 14 days of such event happening
Incorrect details at the time of registration, claim submission and during survey processes
Incorrect details captured while creating OID
Where the claim is judged by the insurance company as a fraudulent activity or act of dishonesty
Where the claimant hasn't fulfilled the minimum fiduciary duty of tracking the property or haven't attempted recovery at all