Overview
This policy sets out the insurance options available to Lenders on The Volte UK platform, the processes for claims, and the rights and obligations of both Lenders and Borrowers. This Insurance Policy aims to protect Lenders from financial loss due to damage, loss, or theft while ensuring Borrowers remain fully accountable for any harm caused to rented items.
The Volte UK operates insurance products solely for transactions conducted on its platform.
Retail Value is defined as the current or last known purchase price from an official or authorised primary retailer (not including resale platforms or third-party resellers).
Insurance Coverage Options
Lenders may select from the following insurance tiers, depending on the level of protection required:
1️⃣ Basic Coverage — 60% of Retail Value
- Protection Level: Limited
- Coverage:
- Up to 60% of Retail Value for damages or total loss.
- Up to 60% of Retail Value for theft.
- Fee per order: £5.00
- Availability: Available for Lenders to opt into at the time of confirming each rental booking.
2️⃣ Enhanced Coverage — 80% of Retail Value
- Protection Level: Moderate
- Coverage:
- Up to 80% of Retail Value for damages or total loss.
- Up to 80% of Retail Value for theft.
- Fee per order: £7.99
- Availability: Expected to be available in late 2025.
3️⃣ Premium Coverage — 100% of Retail Value
- Protection Level: Comprehensive
- Coverage:
- Full reimbursement (100%) for damages or loss.
- Full reimbursement for theft or total loss.
- Fee per order: £9.99
- Availability: Expected to be available in late 2025.
Eligibility & Application
- Insurance options are available to all verified Lenders for eligible rental orders placed via The Volte UK platform.
- Each insurance tier is applied at the time of rental confirmation.
- Full terms for each insurance product are displayed at checkout and referenced within The Volte UK's Terms of Service.
Claims Submission & Resolution Process
Damage Claims
- All damage claims must follow The Volte UK Lender Damage Claim Policy.
- Lenders must submit clear photographic evidence of damage and a description of the issue.
- All claims must be reported promptly following item return.
Resolution Timelines
- The Volte UK will review and attempt to resolve submitted claims within 14 calendar days of receiving all required documentation.
- If the Borrower remains uncooperative or non-responsive, The Volte UK will escalate the claim to its debt collection partners.
- Lenders covered by insurance will receive payouts directly, without needing to wait for full Borrower recovery.
Insurance Payout Process
- Once eligibility is confirmed, The Volte UK will pay Lenders the insured amount for damage or theft.
- Payout amounts are calculated based on:
- Insurance coverage tier selected.
- Retail Value of the item.
- Verified repair or replacement costs.
- Any remaining amounts not covered by insurance will continue to be pursued from the Borrower.
Theft Claims
Definition of Theft
- An item not returned within 14 calendar days after the agreed rental period — and where no valid contact or explanation has been received — will be classified as stolen, as outlined in The Volte UK Theft Policy.
Documentation Required
Lenders must provide the following within 14 days of the rental end date:
- Police report (if applicable).
- Statutory declaration outlining the theft.
- Proof of original purchase (receipt, bank statement, or valid secondary market payment confirmation).
Theft Payout Process
- Once theft is confirmed and documentation received, Lenders with active insurance will receive payout according to their chosen tier.
- Borrowers remain fully responsible for the entire value of the stolen item and any associated legal or recovery costs.
Return of Unrepairable Items
- Where items are fully written off, any damaged garments or items must be returned to The Volte UK after payout has been processed.
Borrower Financial Liability
Borrower Responsibility
- Borrowers remain fully responsible for 100% of financial costs relating to:
- Damage
- Loss
- Theft
- Associated fees (including debt recovery costs)
- This liability exists regardless of whether the Lender has insurance.
Borrower Payment Terms
- Borrowers must settle outstanding balances promptly.
- Failure to pay will result in:
- Escalation to legal action.
- Permanent account suspension.
- Recovery through The Volte UK's debt collection agents.
Payout Amounts
Damage
- Lenders will receive payouts per their insurance coverage tier.
- Borrowers remain responsible for any unpaid amounts above the insurance payout.
Theft / Total Loss
- Lenders are reimbursed immediately in accordance with their insurance tier after verification.
- Borrowers remain liable for full replacement costs and all fees involved in recovery.
Borrower Conduct and Penalties
Theft
- Borrowers found responsible for theft will:
- Be permanently banned from The Volte UK.
- Face civil recovery action.
- Face potential criminal prosecution under UK law.
Damage
- Borrowers causing damage will:
- Be flagged and warned on first offences.
- Face increasing penalties for repeated incidents, including permanent bans.
- Remain liable for the full financial cost of damage.
Platform Rights & Discretion
- The Volte UK’s claim decisions are final following internal investigation.
- This policy may be updated from time to time, with changes communicated through The Volte UK's official channels.
- Users are expected to review this policy periodically.