Terms of Coverage

Terms of Coverage

Following are the terms and conditions for the Insurance Coverage provided by the insurer- New India Assurance Company Limited, to the jewellery of the subscribed user of Olocker.


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 insured ornament
  • Detailed terms & conditions governing the insurance including exclusions and duties of insured.
  • "Olocker" or "O-locker" refers to the user's secured digital repository, used for recording of his/her jewellery assets.

    "Registered channel partner" refers to the jewellery retailers or government approved certified valuers who have registered with the website and have a valid login id & password.

    "Subscriber user" refers to a user who has subscribed to O-locker by paying subscription charges. Subscribed user also includes the client of our registered channel partner for whom the subscription charges have been borne by registered channel partner.

    "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.

    "Insured" refers to a subscriber user who owns the covered property. For coverage purposes, insured's definition will also cover usage of the covered property by subscriber user's immediate family members.

    "Family members" refers to the immediate family members of the insured and includes his parents, siblings, spouse or domestic partner and his lineal descendants.

    "Coverage period" refers to a period of 12 months from the date of generating certificate of insurance.


    All Terms and Conditions of Insurance Company will be biding upon you (subscribed user/insured).

    You acknowledge that you have read all terms and conditions of Insurance and you admit and accept binding force of the said terms and conditions of Insurance Company.


    With regard to all enrolment requests, the coverage specified in this policy begins immediately after generation of certificate of insurance by using the functionalities of the website. The website uses information pertaining to you which is included in your jewellery invoice, or other documentation from your retailer or approved valuer for incorporation in the issued certificate. Specifically, details pertaining to the covered property, name of the insured, date and time of the beginning and ending of the coverage period.


    This policy insures insured's covered property for loss or damage that results from a covered cause of loss during the coverage period and provided that insured has not violated any terms and conditions spelt out under these terms of coverage.


    This policy covers the Covered Property of the insured enrolled for coverage and on file with the insurer or its authorized representative for direct Loss/damage from a covered cause of Loss. Coverage is subject to the terms, conditions, Exclusions, and Limits of Insurance contained in the issued certificate.


    The following is not covered:

    - Property not identifiable with a valid OID & Certificate of insurance.
    - Property which is being used or in custody/possession of members outside the definition of insured as laid out in Section I- above
    - Contraband or property in the course of illegal transportation or trade.
    - Property in transit outside territorial limits of India
    - Property in transit when not accompanied by the insured subscriber or insured
    - Losses/ Damages suffered to the covered property outside territorial limits of India.


    This policy will indemnify the insured as per wording attached and including the following against loss or damage to the Property mentioned in the schedule, whilst in the custody of the Insured 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
  • Terrorism
  • 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 Insured or his authorized employees.

  • Original Invoice shall be mandatory for every claim. In case of household jewellery or heirloom jewellery, the government approved valuer's valuation certificate as admissible for regulatory and ownership track establishment purposes, will be needed. 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.
  • The insurance company shall not be liable to make any payment under this Policy in respect of any loss or damage if discovery thereof be not made within 14 days of the happening of the same.

    All coverage is effective immediately after generation of certificate of insurance using the website's functionalities.

    However, if there are reasons for us to deny you the coverage, we may do so and notify you within 7 days from activation of the coverage.


    This policy does not pay for Loss caused directly or indirectly or resulting from events, conditions or cause of Loss identified in this Section II. 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 insured shall, if so required and as a condition precedent to any liability of the insurer 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 hereby Insured from road vehicles of every description owned hired by or under the control of the Insured 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 customer or broker or broker's customer or angadias, cutter or goldsmiths in respect of the Property hereby Insured entrusted to them by the insured, his or their servants or agents.
  • 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.
  • I) Loss, destruction of or damage, to any Property whatsoever or any loss or expense, whatsoever resulting or arising therefrom or any consequential loss
  • II) 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 insured or his responsible representatives.
  • Liability assumed by the insured 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 insured or his responsible representative.

    It is the requirement of this Insurance that the sum Insured shall be equal to the cost of the replacement of the Property by Property of the same kind and same capacity which shall mean its replacement cost including freight, dues and customs duties if any.

  • 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 insured's indemnity can't exceed INR 100 Lacs
      - An individual residence's indemnity can't exceed INR 500 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 Gold items the valuation shall be at Market Value plus maximum upto 10% for making charges or the Declared Value, whichever is less
  • For Diamonds/Stones the basis of valuation shall be Value Declared at the time of first registration or market value whichever is lower.
  • All amounts so settled shall be subject to depreciation of 5% from the value so approved.
  • All such settlement shall be subject to the insured submitting all the required documents relating to KYC of the insured 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.

  • The insured shall take all reasonable precautions for the safety of the Property as regards, selection and supervision of employees securing all doors and windows and other means of entrance or exit.
  • The insured 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 insured 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.
  • If the claim is found to be fraudulent or if any fraudulent means or devices be used by the insured 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 insured all benefits under this Policy shall be forfeited.
  • The insured 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 insured :-
  • o 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.
    o 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.
    o 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 insured 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 insured 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 insured, 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 insured shall give all such information and assistance as may be needed by the insurer.
  • In the event of loss or damage to any article forming part of a pair or set, but in any event the Company's liability shall not exceed the proportionate part of the sum Insured in respect of the pair or set.

  • 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 you 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 insured 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.

    To be and remain eligible for coverage:

  • The jewellery must be identifiable with a valid ornament ID or OID.
  • The jewellery under protection must be in possession of the insured or his family member at the time of loss or damage.
  • For any loss during transit within territories of India, the jewellery must be accompanied by the insured or his authorised employees.
  • You must not be in breach of any material term of the issued certificate. Similarly any mis-representation, mis declaration and non-disclosure will revoke the cover immediately.
  • You must fulfil all the requisite formalities in case of claim and make available all the information and documents which may be called for by insurer or surveyors appointed by it.
  • All claims for covered Loss under the issued certificate will be made good within 45 to 60 days after submission of all claim related initial documents and any documents called for by the surveyor appointed.
  • Concealment, Misrepresentation or Fraud: This coverage is void in any case of fraud, intentional concealment or misrepresentation of a material fact, at any time, concerning:
  •   o This coverage;
      o The Covered Property;
      o Your interest in the Covered Property; or
      o A claim under the issued certificate.
  • The insurer 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.
  • If you have a Loss to Covered Property that is part of a pair or set, this policy will only cover for a reasonable and fair proportion of the total value of the pair or set.
  • 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.
  • The coverage territory is India and the cost of repair will be valued in Indian currency at the time of repair.
  • All claims are subject to a standard 5% depreciation.