What is OLocker?
OLocker or www.olocker.in is an initiative by Positivity Businesses Private Limited, a private limited company incorporated at Mumbai, India. A subscription to OLocker brings a lots of benefits to the jewellery buyers like jewellery insurance, digital repository, will creation tool, documents locker and many more.
I received a document from my retailer stating terms like CERTIFICATE OF INSURANCE number and ORNAMENT ID, what are these terms?
Your certificate of insurance is the document which completely details out what all risks your jewellery is covered against and what are the major exclusions. The Certificate also lists out an Ornament id by which your jewellery is identified.
Why premium is not mentioned in Certificate of Insurance?
Your insurance benefit is a component of your OLocker subscription. Therefore your certificate mentions insurance benefit to be complementary with your OLocker subscription.
Why my retailer is giving OLocker subscription to me?
Your retailer is a very progressive and customer oriented retailer. OLocker subscription is a bundle of very useful and innovative services available to the jewellery buyers. Your retailer is of view that benefits like insurance and digital repository are need of time and its only through OLocker subscription is the only way to reach these benefits to the jewellery buyer.
What all are my benefits from OLocker subscription?
OLocker trusts that jewellery is one of the largest financial assets for an average Indian household and the jewellery owner should treat the same like he treats his any financial assets. OLocker subscription makes it possible through:
- Digital repository– a full fledged record keeping tool for your jewellery assets. You can not only digitised your jewellery assets but also keep a tab on its current value in view of changing gold prices. By adding your uninsured jewellery too, you can create a portfolio of jewellery which you own.
- Jewellery insurance– Most important feature of your OLocker subscription is the insurance on your jewellery by leading general insurance company of India. It was an irony that one could insure his mobile phone but couldn’t get any relief if jewellery was stolen or snatched. But now with power of OLocker subscription you can use your jewellery in much more relaxed fashion.
- Track real time value of your jewellery– OLocker benchmarks your jewellery portfolio to daily changing gold prices to keep you aware about how much your jewellery is worth. OLocker uses the gold prices published by Indian Bullion and Jewellers Association or IBJA, Mumbai to do so.
Additionally, OLocker subscription gives its subscriber 2 very critical tools:-
- Create Will tool– Given the uncertainty associated with life, its important to create and keep a document detailing all your assets and liabilities so that your loved ones do not have to struggle in case of any mishaps or untoward incident taking place with you. While it’s a general view that will creation is a prerogative of old aged people, we trust keeping your family abreast of your financial position is your responsibility irrespective of your age. We solve this through our very easy to use CREATE WILL tool for our olocker subscribers.
- Document locker– Document locker allows you to store OLocker subscriber almost any type of record digitally and handy for access anytime. Following are few such documents which one needs regularly or would love to refer to in future:
- your identity documents, medical records, tax papers, employment related papers
- Property documents , bank documents
- Document like your child’s marksheet or drawings
Basically every document which you could think of.
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.
– The data you store in WILL and DOCUMENT LOCKER is completely in the encrypted format making it difficult to access your data in an unauthorised manner.
– 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.
Is the insurance cover for jewellery available outside also?
No, as of now the insurance for jewellery is available only as part of OLocker subscription. However, there is another way whereby if you insure your home through home insurance and also the inner components you can insure your jewellery in a limited manner but at a very high cost. That makes OLocker subscription only available choice if you were to insure your jewellery.
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
- Loss during transit 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 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.
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.
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?
You can intimate us about the claim in either of following 2 ways:
- You can login into your OLocker and report the claim by pressing SUBMIT CLAIM tab in front of the insured jewellery. You will need to upload the FIR copy and narrate complete detail of your loss as well as detail of the police station where the FIR was lodged. Our system will generate a claim number and begin processing it further.
- Alternatively, you can call us at our helpdesk number 99 208 88 308 or intimate us via email at email@example.com . Our team will assist you and take the claim for further processing.
What all documents are needed in case of a claim?
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
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.
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. If you fail to report an event within days of its occurring, the claim will be not admissible.
- 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.
Can I purchase OLocker subscription for my old jewellery also?
No, as of now this subscription is available only for new jewellery.