Following are the terms and conditions for the Insurance Coverage provided by the insurer- New India Assurance Company Limited, to the jewellery of the O-Locker subscriber.
SECTION - I
"The Website": www.olocker.in owned by M/s Positivity Businesses Private Limited (PBPL hereinafter). PBPL is the group administrator of this policy which facilitates the provision of insurance services through the above said website.
"Insurer" The New India Assurance Company Limited (the insurance company)
"Ornament ID or OID": A unique 16-digit alpha numeric code generated by using the functionalities provided on website- www.olocker.in
"Certificate of Insurance or COI" means the document bearing a unique 16- digit alpha numeric code, generated using the website functionalities and contains details including but not limited to the information pertaining to:
- OID of the O-Locker subscriber's ornament
- Detailed terms & conditions governing the insurance including exclusions and duties of O-Locker subscriber.
"Olocker or O-locker" refers to the user's secured digital repository, used for recording of his/her jewellery assets.
"O-Locker subscriber" refers to a person in whose name the certificate of insurance is issued.
"Covered property" refers to the jewellery belonging to the subscriber user which is identifiable with a valid ornament id (OID) and a certificate of insurance generated using the functionalities of the website.
"Family members" refers to the immediate family members of the O-Locker subscriber and includes his parents, siblings, spouse, lineal descendants and daughter-in law. In case of married female subscriber, family member shall be construed to include her parents in law as well as her husband's blood relatives.
"Coverage period" refers to a period of 12 months from the date of generating certificate of insurance.
SECTION - II
COVERAGE & EXCLUSIONS
The coverage specified in this policy begins immediately after generation of certificate of insurance and continues for a period of 365 days. The coverage shall expire at the beginning of same calendar day next year. For an example a COI was issued on 15.12.2019 at 2.30 PM, the cover will begin immediately and will be in effect till 14.12.2020 midnight, that is 11.59 PM.
WHAT IS O-LOCKER SUBSCRIBER
This policy insures O-Locker subscriber covered property for loss or damage that results from a covered cause of loss during the coverage period and provided that no terms and conditions spelt out under these terms of coverage were violated.
COVERED CAUSE OF LOSS
This policy will indemnify the O-Locker subscriber as per wording attached and against the loss or damage to the Property mentioned in the schedule, whilst in the custody of the O-Locker subscriber by:
- Fire, Lightening, Explosion / Implosion, Aircraft damage, Riot, Strike, Storm, Cyclone , Typhoon, Tempest, Hurricane, Tornado, Flood, & Inundation, Impact damages, Subsidence & Landslide including rock slide damage, Bursting and/or Overflowing of Water Tanks, Apparatus & Pipes, Missile Testing Operations, Leakage from Automatic Sprinklers Installations, Bush Fire
- Earthquake (Fire & Shock)
- Burglary/house breaking i.e. Theft following actual violent forcible entry or exit into/from the premises and hold-up.
- Theft (including snatching)
- Robbery & Dacoity
- Accidental External Damage
- Cover also extends for the above perils whilst the Property is in transit within the territorial limits of India as personally accompanied baggage, accompanied by O-Locker subscriber or his authorized employees.
This policy does not pay for Loss caused directly or indirectly or resulting from events, conditions or cause of Loss identified in this Section. Such Losses are excluded regardless of any other cause or event that contributes concurrently or in any sequence to the Loss.
AND in the event of any claim arising, hereunder for loss of damage to the Property covered by this Policy the subscriber shall, if so required prove that the loss or damage was not directly or indirectly occasioned by happening through or in consequence of the below mentioned excepted circumstances or causes:
- Loss/ damage for which the manufacturer, supplier or repairer is responsible by either law or contract.
- Loss to the covered property while it's in midst of process of repair, cleaning or restoring.
- The policy also excludes the losses resulting from the processes of repairing, cleaning or restoring.
- Loss or damage to the covered property due to mysterious circumstances or disappearances or unexplained reasons.
- Theft or disappearance of Property from road vehicles of every description owned hired by or under the control of the O-Locker subscriber and/or their partners servants, agents or representatives where such vehicle are left unoccupied.
- Loss or damage caused by or arising from depreciation gradual deterioration, wear and tear, moth, vermin and mildew.
- Loss or damage occasioned by theft or dishonesty or any attempt there at committed by or where such loss or damage has been expedited or in any way sustained or brought about by any subscriber or his authorised agents or employees
- Loss or damage arising from detention, confiscation, nationalisation, requisition, occupation or wilful destruction by or under the order of the Government or any public or local authority.
- Any consequential loss or damage including delay.
- Loss or damage occasioned by or through War, Invasion, Act of Foreign Enemy, Hostilities or war like operations (Whether War be declared or not), Civil War, Rebellion, Revolution, Insurrection, Mutiny, Civil Commotion, Military or usurped Power, Martial Law, conspiracy confiscation, Commandeering, A group of malicious persons or persons acting on behalf of or in connection with any political Organisation. Requisition or Destruction or damage by order of any Government de jure or de facto or by any Public, Municipal or Local Authority.
- Loss, destruction of or damage, to any Property whatsoever or any loss or expense, whatsoever resulting or arising therefrom or any consequential loss
- Any legal liability of whatsoever nature directly or indirectly caused by or contributed to, by or arising from Ionising, radiations or contamination by radioactivity from any nuclear fuel or any nuclear waste from the combustion of nuclear fuel or from any nuclear weapons material.
- Loss, damage and / or liability caused by or arising out of the wilful act or wilful neglect or gross negligence of the O-Locker subscriber or his responsible representatives.
- Liability assumed by the O-Locker subscriber by agreement unless such liability would have attached to him not with- standing such agreement.
- Loss, damage and /or liability due to faults or defects existing at the time of commencement of this coverage and known / unknown to the O-Locker subscriber or his responsible representative .
WHEN THE COVER IS NOT EFFECTIVE
The following situations with regards to the covered property are excluded from coverage:
- Losses to the covered property when it is not in custody or possession of the O-Locker subscriber and family member as defined above.
- If the losses take place when the covered property is outside territorial limits of India.
- If the losses take place when the covered property is left in an unattended vehicle.
- Losses to the covered property if it is in transit when not accompanied by the subscriber or the family member as defined above.
- Coverage is not effective when the loss has not been discovered within 14 days of the event happening.
- If its proven that the subscriber has the opportunity to recover the property and didn't act, then the company may not indemnify the subscriber.
- The covered property has to be taken proper care of at all time as if its not covered with any insurance. Hence any kind of negligent behaviour, for an example- not keeping jewellery under lock and key or keeping it out in open without any supervision could be the cases where insurance co may reject the claims.
- There has been any misrepresentation by the subscriber in case of the covered property and event. For an example discrepancy in statements made to O-Locker claim team , Police while doing FIR or Surveyor during investigations can affect the case.
- The cases where there is mismatch between the description of name of the O-Locker subscriber, jewellery name, jewellery vitals and jewellery value between FIR and invoice may render the policy cover ineffective and claims susceptible to rejection.
- It is important to know that the first information report submitted is considered to be sacrosanct and any changes in details like jewellery description and value after its recorded in FIR will not be acceptable and hence the insured must take UTMOST CARE in filing the first information report.
- If the claim is found to be fraudulent or if any fraudulent means or devices be used by the O-Locker subscriber or anyone acting on his behalf to obtain any benefits under the Policy or
- if any destruction or damage be occasioned by the wilful act or with the connivance of the O-Locker subscriber all benefits under this Policy shall be forfeited.
CONDITIONS FOR EFFECTIVENESS OF COVERAGE:
- Original Invoice shall be mandatory for every claim.
- You will also be required to complete all the Know Your Customer (KYC) needs as may be specified by the insurer or his authorised representative.
- FIR & Final Report shall be required for all claims, however in certain cases the requirement of final report may be waived entirely upon insurer's discretion. You need to ensure that police complaint is filed with appropriate Jurisdiction. All documents showing compliance shall be submitted along with claims.
SECTION - III
LIMITS OF LIABILITY & DETERMINATION OF SETTLEMENT VALUE
- The outer limits for covered property for the purpose of indemnity under this policy are as follows:
- Individual item value can't exceed INR 25 Lacs
- An individual O-Locker subscriber's indemnity can't exceed INR 100 Lacs
- In cases where damage to a covered property can be repaired, the insurer will pay expense necessarily and reasonably incurred to restore the covered property to its former state of serviceability.
- For the gold, silver and platinum content of the covered property, the payable value shall be ascertained at the lower of the insured value of the market value.
- For Diamonds/Stones the basis of valuation shall be Value Declared at the time of first registration or market value whichever is lower.
- There will be an addition of 10% towards making charges ( Or actual making charges if they are lower) to the above derived value.
- There will be a charge of 5% towards excess from the value so arrived at. The resultant amount shall be paid in settlement of the claim.
- In certain cases, the insurance company may withhold a small percentage of the settlement value which will be paid on submission of final closure report by the subscriber.
- All such settlement shall be subject to the O-Locker subscriber submitting all the required documents relating to KYC of the O-Locker subscriber and ownership proof of the property covered under this policy.
- If the time of any loss or damage there shall be any other subsisting insurance against such loss or damage the Company shall not be liable for more than its rateable proportion of such loss or damage.
- In the case of an event if loss or damage happens to any article forming part of a set or a pair, the insurance shall be paid proportionately.
DUTIES OF O-LOCKER SUBSCRIBER IN EVENT OF LOSS
- The O-Locker subscriber must take every care to avoid - misrepresentation, mis-description and any non-disclosure. Any such action on his part will result into revoking of the cover.
- The O-Locker subscriber upon becoming aware of any loss in respect of which a claim is or may be made shall take all practicable steps to trace and recover the Property and in the event of theft or damage (direct or indirect) to discover the person by whom the Property was stolen or damaged and to prosecute and obtain the conviction of such person for offence and trace and recover any Property stolen.
- The O-Locker subscriber shall use due diligence and do and concur in doing everything reasonably practicable to avoid or diminish any loss under the policy.
- Upon the happening of any event giving rise to a claim under this Policy coming to the knowledge of the O-Locker subscriber :-
- Shall give notice to the Police and to the insurer through the website within 48 hours and take all practicable steps to discover the guilty person or persons and to recover the Property lost or stolen and to prosecute and obtain the conviction of such person or persons for the offence.
- Shall deliver to the insurer through the website within seven days from the date on which the event shall have come to his knowledge, a detailed statement in writing of the loss or damage with on estimate of the actual value of such articles lost and the amount of the damage sustained.
- Shall permit the authorised representatives of the insurer to examine the premises and books of accounts and shall furnish all explanation voucher proof of ownership and other evidence to substantiate the claim and the insurer may if deemed necessary require corroborative evidence of the statements of the O-Locker subscriber or of any member of his family or his employees in support of any claim.
- The claimant under this Policy shall do and concur in doing and permit to be done all such acts and things as may be necessary or reasonably required by the insurer for the purpose of enforcing any rights and remedies or of obtaining relief for indemnity from other parties to which the insurer shall be or would become entitled or subrogated upon the underwriter paying for or making good any loss or damage under this Policy whether such acts and things shall be or would become entitled or required before or after the insurance indemnification by the insurer.
- No admission, offer, promise, payment or indemnity shall be made or given by or on behalf of the O-Locker subscriber without the written consent of the insurer who shall be entitled if it so desires to take over and conduct in the name of the O-Locker subscriber, the defence or settlement of any claim for indemnity or damage or otherwise and shall have full discretion in the conduct of any proceedings or in settlement of any claim and the O-Locker subscriber shall give all such information and assistance as may be needed by the insurer.
DISPUTE RESOLUTION AND ARBITRATION MECHANISM
- If any dispute or difference shall arise to the quantum to be paid under the policy liability being otherwise admitted, such differences shall independently all other questions be referred to the decision of a sole arbitrator to be appointed in writing by PBPL on O-Locker subscribers behalf and insurer (the parties). If the parties cannot agree upon a single arbitrator within 30 days of any party invoking arbitration, the same shall be referred to a panel of three arbitrators, comprising of two arbitrators, one to be appointed by each of the parties to the dispute/difference and a third arbitrator to be appointed by such two arbitrators and arbitration shall be conducted under and in accordance with the provisions of the Arbitration and Conciliation Act, 1996.
- It is clearly stipulated or declared that it shall be a condition precedent to any right of action or suit upon this policy that award by such arbitrator(s) of the amount of loss or damage shall be first obtained.
- It is also hereby further expressly agreed and declared that if the insurer shall disclaim liability to the O-Locker subscriber for any claim hereunder and such claim shall not within 12 calendar months from the date of such disclaimer have been made the subject matter of a suit in court of law, the claim shall for all purposes be deemed to have been abandoned and shall not thereafter be recoverable hereunder.
SECTION - VI
- The insurance co retains the right to revise the issued certificate at any time and adjust the coverage terms including the premium and the deductible. In the event of any material change in the coverage terms premium or the deductible, you will be provided advance written notice of such changes. You may cancel coverage at any time without penalty, but if you continue to pay premiums after a change in premiums, coverage terms or the deductible, you will be bound by those changes.
- You may not assign the issued certificate.
- The issued certificate contains all the agreements between you and the insurer concerning the insurance afforded. The issued certificate's terms can be amended or waived only by issuance of a new Certificate or endorsement issued by us and made a part of the issued certificate.