Terms & Conditions

1. About these terms

These Terms & Conditions govern your use of VaultCova, operated by VaultCova Technologies Ltd. ("VaultCova", "we", "us"), RC 9717836. By creating an account or using the service you agree to these terms and to our Privacy Policy, which forms part of them. If you do not agree, please do not use the service. These terms are written in English; if we provide a translation and it conflicts, the English version prevails.

2. What VaultCova is, and our role

VaultCova lets you log and track your assets, understand their value, arrange insurance for them through licensed underwriters, and manage renewals and claims. Logging and tracking assets is free of any obligation to buy insurance.

When you buy cover, VaultCova acts as a licensed insurance intermediary and Insurtech platform, NAICOM licence no. pending). The insurance contract is between you and the underwriter, and the underwriter (not VaultCova) carries the risk and pays valid claims. We are remunerated by the underwriter, usually by commission on the premium; any bundle saving we show is a discount we fund from that commission. Further detail on our remuneration is available on request.

3. Eligibility and your account

You must be at least 18 and able to enter a binding contract. You are responsible for the accuracy of the information you provide, for keeping your login secure, and for activity on your account. Certain features, and buying cover, require identity verification (KYC). For a business account, the person accepting these terms confirms they are authorised to bind the business, and the account holder is responsible for the team members they add and for those members' details.

4. Insurance cover and your duty of good faith

• An insurance contract is one of utmost good faith. You must take reasonable care to give accurate, complete answers to the questions asked; a material misstatement, non-disclosure or a breached policy warranty can reduce or void a claim, or void the policy.
• Quotes and premiums are based on the information you provide and the underwriter's terms.
• Cover starts only once the premium has been paid and the policy has been bound by the underwriter. Consistent with the "no premium, no cover" rule in the Insurance Act, an unpaid or pending policy is not in force.
• If you insure an item for less than its full value, any claim is reduced in the same proportion ("average"), and we show you how before you pay.
• The policy wording and certificate set out exactly what is and is not covered, including excesses and conditions. Where these terms and the policy wording differ on the insurance itself, the policy wording governs.

5. Payments

Premiums and subscription fees are payable through our payment partner. We do not store your card details. If you choose to save a card, our payment partner keeps it, and we may charge it for the plan or cover renewals you have switched on; you can pause automatic charging or remove the card in Settings at any time. Prices are shown in Naira and may include applicable charges. A minimum charge amount may apply. Subscription plans are billed per cycle; your entitlement runs until the end of the period you have paid for. VaultCoins can reduce a plan payment within the limits shown at checkout; they are not applied to insurance premiums directly.

6. Claims

Report an incident as soon as possible through the app; strict notice deadlines in the policy wording apply and run from the date of the incident. We help you file and pursue your claim with the underwriter and act on your behalf. Simple, valid claims may be settled quickly; others are reviewed, and you may ask for a human review of any automated outcome. Settlement amounts are determined by the policy wording (including any under-insurance "average" and excess).

We put the settlement to you as an offer before any money moves. You can accept it, which confirms the amount as full and final settlement of the claim, or query it and propose a different figure, which we review with the underwriter before making a revised offer. Nothing is paid, and no repair or replacement is treated as agreed, until you accept. Once you accept a cash settlement, we release the funds to your wallet after the underwriter's funds have reached us.

A claim may instead be settled in kind, where the underwriter repairs, replaces or reinstates the item rather than paying cash. Where an in-kind settlement also includes a cash amount, that amount is paid to you through VaultCova in the same way as any other settlement (the underwriter funds it, we approve it, and it is credited to your wallet). An in-kind claim is closed once both you and the underwriter confirm it is resolved. If we ask you both to confirm and neither responds within 5 days, the claim is closed automatically; we will tell you before this happens. Until a claim is closed, it may be re-assessed.

7. Your wallet

The in-app wallet holds money we already owe you (for example, a refund we cannot return to your original payment method, a settled claim, cashback you move into it or, where offered, VaultCoins you move into it). It is not a deposit, savings or stored-value account: you cannot pay your own money into it. Money we hold for you is kept pending payout and is not used as our own funds. You can spend a wallet balance on a premium or subscription, or withdraw it to a bank account in your own name. Larger or first-time withdrawals may be checked before funds are released, and a minimum withdrawal amount applies.

8. VaultRewards

Where offered, cashback accrues on insurance premiums for active cover, except compulsory insurance (such as statutory third-party motor, group life and compulsory liability covers) and cover bought for less than a year, at the rate and on the terms shown in the app and subject to any applicable regulatory limits. We believe in value-based insurance and that you should be rewarded when you make efforts to protect your properties. Filing a claim may reset your rewards tier; cashback already earned is kept. Rewards have no cash value except as paid out through the app's withdrawal process, and we may vary or end the programme without notice.

VaultCoins are a loyalty reward, not money. You earn them for the tasks shown in the app, and each task pays once. Coins earned on cover or on a referred friend's payment are held until the cancellation or refund window closes, and are cancelled if that payment is refunded within it. One coin takes one naira off a plan payment, up to the limits shown at checkout. Coins are never applied to an insurance premium directly. Where offered, coins earned on cover or a referred friend's payment can be moved to your wallet, within the minimum and monthly limits shown, and a wallet balance can then be spent on a premium. Coins cannot be bought, transferred to anyone else or exchanged for cash except through that wallet move. Coins expire after the period shown in the app with no activity, and we remind you before they do; they are forfeited if your account is closed, but money already in your wallet is not. Referral rewards are reviewed for misuse and may be withheld where an invitation was not genuine. We may vary or end VaultCoins on notice. When a friend joins with your invitation, we show them your first name only.

9. Anti-money laundering and fraud

We are required to verify your identity and to monitor for financial crime. We may request further information, and may delay, refuse, suspend or report a transaction or account where the law requires or where we reasonably suspect fraud, money laundering or sanctions breach.

10. Cancellation and refunds

You may cancel newly bought cover within the cooling-off window shown in the app (currently 14 days) for a pro-rata refund of what you paid for the unused period; this is our commitment and an underwriter's own cancellation terms may otherwise differ. After that window, our team can still arrange cancellation. Refunds are returned to your original payment method where possible, or to your wallet where not.

11. Acceptable use

Do not use the service unlawfully, submit false or fraudulent information or claims, infringe anyone's rights, attempt to gain unauthorised access, or interfere with the service. We may suspend or close an account that breaches these terms or the law.

12. Cova (AI assistant)

Cova helps you use the service and understand your cover. Its guidance is informational and does not replace the policy wording or professional advice, and it does not itself bind cover or move money without the confirmations the app requires.

13. Intellectual property

The VaultCova name, brand and software are owned by us or our licensors. You keep ownership of the content you upload and grant us the permissions needed to provide the service.

14. Your indemnity

You agree to cover us for losses, claims and costs arising from your breach of these terms, your misuse of the service, or a fraudulent or dishonest claim or submission by you, to the extent the law allows.

15. Availability and liability

We work to keep the service available and accurate but provide it "as is" and do not guarantee it will be uninterrupted or error-free. Nothing in these terms limits liability that cannot be limited by law, including under the Federal Competition and Consumer Protection Act 2018, or liability for death or personal injury caused by our negligence or for our fraud. Subject to that, we are not liable for indirect or consequential loss, and our total liability relating to the service in any 12 months is limited to [the greater of the fees you paid us in that period and 500,000 naira]. We are not the insurer and are not liable for an underwriter's decision on a claim, though we will act for you in pursuing it.

16. Suspending or closing your account

You can close your account at any time in the app or by contacting us. We may suspend or close an account for breach of these terms or the law, or on reasonable notice. Closing your account does not by itself cancel an active insurance policy (contact us about cover), any money owed to you in your wallet remains payable to you, and we keep records for the periods the law requires.

17. Force majeure, changes and general

We are not liable for failure caused by events beyond our reasonable control. We may update these terms from time to time; for material changes we will give reasonable notice in the app, and if you do not accept a change you may stop using the service and, where relevant, cancel. We may transfer our rights and obligations to a successor; you may not transfer yours without our consent. If any part of these terms is unenforceable, the rest stands. These are the entire agreement between us on their subject matter, and a delay in enforcing a term is not a waiver of it.

18. Complaints, disputes and governing law

If you are unhappy with a decision or the service, raise it with us in the app first, and we will take it up on your behalf, aiming to resolve it promptly. If it cannot be resolved, the NAICOM Complaints Bureau, the Nigerian Insurers Association and, for consumer matters, the Federal Competition and Consumer Protection Commission are available to you, as is arbitration under the Arbitration and Mediation Act 2023 (seat: Lagos, Nigeria), and none of this affects your right to take legal action. These terms are governed by the laws of the Federal Republic of Nigeria.