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The Volte Lender Insurance Policy

Overview


This insurance policy provides protection for lenders within the dress hire marketplace. It outlines the insurance tiers, claim procedures, and responsibilities, ensuring borrowers remain accountable for damages and theft while enabling lenders to recoup losses quickly based on their insurance coverage.


Retail Value is defined as the current or last price this item could be purchased at from a primary retailer. This does not include 3rd party resellers or retailers.  


Insurance Product Offerings


Basic Coverage (60% of Retail Value)


  • Protection Level: Limited
  • Coverage Includes:
  • Coverage up to 60% of the retail value for damages and loss
  • Partial reimbursement for theft or total loss up to 60% of retail value
  • Fee applied per Order through the Marketplace: $5.00
  • Availability: Currently available for Lenders to opt into when confirming an order from a Borrower.


Enhanced Coverage (80% of Retail Value)


  • Protection Level: Moderate
  • Coverage Includes:
  • Coverage up to 80% of the retail value for damages and loss
  • Partial reimbursement for theft or total loss up to 80% of retail value
  • Fee applied per Order through the Marketplace: $7.99
  • Availability: To be made available to Lenders late in 2025.  


Premium Coverage (100% of Retail Value)


  • Protection Level: Comprehensive
  • Coverage Includes:
  • Full coverage (100% of retail value) for repairs and loss
  • Full reimbursement for theft or total loss
  • Additional protection for high-value items up to the full retail value
  • Fee applied per Order through the Marketplace: $9.99
  • Availability: To be made available to Lenders late in 2025.  


Policy Availability


The insurance options are available to all Volte lenders for transactions executed through the website as specified above. Detailed terms and conditions for each coverage tier are outlined on the platform's Insurance page and referenced in the Terms of Service (ToS) and the The Volte Lender Insurance Policy.


Claim Submission and Resolution


Evidence of Damage


Lenders must submit evidence of damage in accordance with the Lender Damage Claim policy linked here.


Resolution Timeline


The Volte has fourteen (14) days to resolve the issue internally after receiving evidence. If unresolved, the case will be escalated to debt collection for further action. Lenders who have insurance will be paid out according to the Insurance Payout Submission process outlined below. Borrowers will continue to be responsible for damage and loss at all stages of the process irrespective of insurance coverage. Lenders are not required to wait for payout until resolution of this process if they are insured. Any balance owing on top of the level of Insurance Coverage will continue to be pursued by The Volte and paid out if recovered. 


Insurance Payout


  • Process: If the lender has insurance, The Volte will pay out the lender immediately upon confirmation of damage or loss, irrespective of the borrower's ability to pay. This includes either returning the dress (if viable) or covering the cost of repairs.


  • Payouts: Payout amounts will cover the cost of repairs or replacement based on the coverage tier and the replacement cost of the item. Any additional costs, such as debt collection fees, are to be covered by the borrower.


Theft


Reporting


  • Items not returned within 14 days of the agreed rental period without further contact and explanation from borrowers are considered stolen. The lender must provide supporting documents within 14 days. This definition of Theft is outlined in the The Volte Theft Policy linked here.


Proceedings


  • The Volte will immediately pay out lenders with valid insurance claims. The platform will then pursue recovery from the borrower, including legal action if necessary, to recoup the value of the item.
  • For damaged items that are fully covered and not repairable garments must be sent to The Volte once payout has been agreed. 


Borrower Responsibility


Financial Liability


  • Borrowers are fully responsible for all financial costs associated with damage or loss, regardless of the lender's insurance status. This includes repair costs, replacement value, and any additional fees (e.g., debt collection charges).


Payment of Costs


  • Borrowers must pay any outstanding amounts within the specified timeframe. Non-payment may result in further legal action and a permanent ban from the platform.


Payout Amounts


Damage


  • Lenders receive immediate payout (subject to timeframes for bank payments and reimbursement) based on their chosen insurance coverage (Standard or Premium) without waiting for the resolution of borrower responsibility. The amount is determined by the level of coverage, with borrowers liable for the full cost of damages.


Theft or Total Loss


  • Lenders are reimbursed according to their insurance tier immediately after verifying the theft. Borrowers are accountable for the item's full value in such cases.


Borrower Conduct and Penalties


Theft


  • Borrowers who commit theft will be permanently banned from the platform and held financially responsible for the item's full value.
  • They may be pursued criminally and civilly for the loss. 


Damage


  • Borrowers who damage an item will be flagged, warned and may face penalties, including bans based on the severity and frequency of incidents. 


  • Multiple offenses will result in a permanent ban and full financial liability for repair or replacement costs.


Additional Notes


  • The marketplace prioritizes swift and fair compensation for lenders while ensuring borrowers are held accountable for their actions. All claims are subject to verification and adherence to platform policies. In disputes, the marketplace's decision is final.
  • This policy is subject to updates, with changes communicated through official channels. Users are encouraged to review the insurance terms regularly.