FAQs

Have a question about our services or company setup? There’s a good chance you’ll find the answer here.

About KoverNow

KoverNow is a licensed insurance agent registered with General Insurance Association Of Singapore (GIA) with GIA no. C005893. We are also Singapore FinTech Association certified and subject to their regulations (RA23010001).

KoverNow is partnering with MAS-regulated insurance carriers that are underwriting our products. The Item Insurance and Travel Insurance are underwritten by QBE Insurance (Singapore) Pte Ltd.

KoverNow’s insurance is available to all legal residents of Singapore of legal age, with access toSingPass:

Founded in 2019, KoverNow is headquartered in Singapore. Its founders and leadership team come from diverse backgrounds in financial services, software and technology. We all share a vision to create mobile app-based insurance service that better serves the needs of customers.

Read more about our team Here.

You can also stay updated with our company’s latest information via our Linkedin.

Our Insurance Products

At the moment we can insure your travels and your valuable items (camera & lens, watch, laptop, jewellery, handbag).

As for item insurance, you will be able to insure items that have been added to the app and which you can prove ownership of. The KoverNow universe (our database holding information on more than 50,000 items) is constantly growing with more items becoming available all the time.

At the moment we can only insure your item if you are a resident of Singapore and able to identify with Singpass (https://www.singpass.gov.sg/main). We are working with our underwriters to bring KoverNow’s insurance services to additional jurisdictions soon.

We are available on both the Apple App and Google Play stores. 

Item Insurance

Benefits and Coverage

Our policy covers cameras intended for non-commercial use only. This means that if you are a professional photographer and your cameras and lenses are utilised for profit, you will not be covered.

Traditional insurance won’t work for you until you pay a premium. KoverNow changes this by working for you from the moment you download our KoverNow App. You can enjoy a free level of services and you choose when you want to take out cover with us and cancel at any time. Everything is organised in an easy, transparent and mobile way, so you can manage your insurance needs wherever you are.

Put simply warranties deal with mechanical, or electrical failure of your item that would have occurred independent of you being in the picture.

In contrast KoverNow’s all-risk insurance covers risks that involve an event triggered by a human being. A practical example would be your watch movement fails without any prior impact to the watch, this would be a warranty issue, if you are within the warranty period.

If you however drop your watch by accident when closing the strap and the watch crystal or movement breaks, this would be a case covered by an all-risk policy like the one KoverNow offers.

Home & Contents is typically a bundled insurance product that protects items you have in your home and combines this cover with other services (that you may not need or want). It is not designed to cover individual items and is not international. We believe in putting you in charge to decide what and what not to insure. KoverNow’s items insurance is also unique as it tracks the values of your items and automatically adjusts the premiums.

KoverNow’s policy provides an all-risk cover. This means all events and risks are covered, except for those explicitly excluded by the policy. An example of an exclusion is “Wear and Tear”, where the general deterioration of your item due to its usage is excluded from cover.

The full policy terms and conditions can be found here.

The respective Privacy Policy can be found here.

Coverage Area

The policy operates as an “all risk” cover.

This means that everything (and everywhere) is covered, unless it is explicitly excluded, in the policy, or the schedule. We issue our policies without any territorial limitations, hence you are covered world-wide.

Setup and Purchase

Take a picture of the item and a selfie with you and the item in the KoverNow App. Add some details such as a receipt, make & model and its current value – then add the item to your personal Vault. Your monthly premium for the item will be calculated instantly. Happy with the premium? Then activate cover by just selecting the ‘insured’ option (you can deactivate cover at any time).

The Total Insured Value of all your items and your Total Monthly Premium are always clearly visible. Link your favourite payment card and KoverNow can remind you to insure anything you’ve bought of value.

We calculate your premium for the next 30 days and charge you the corresponding amount.

You currently accept Visa, Mastercard and American Express and will be adding more payment options soon. You can store a card for auto-renewal. If you continue protecting your item you will be automatically invoiced again after 30 days, resetting your premium to the current value of your item.

You will find your invoice immediately under Invoice in the  KoverNow app menu account.

If you want to stop insuring an item, simply cancel the policy for that item in the app. The cover will stop at the end of your billing period. (max. 30 days).

Because we want you to be always insured for the right amount and not be over- (you pay too much premium) or under- (the value of your item in higher than your cover) insured, we re-calculate your premium automatically every 30 days.

If the value of your item appreciated, your premium will go up slightly. If the value of your asset decreased, you will pay a lower premium for the next month.

Making a Claim

Just open the KoverNow App and go to the item you need to file claim for. Then enter some details on how, when and where your item was damaged, lost or stolen. You are insured up to the “Current Value” reflected in your Vault.

Around 90% of our claims are paid within three business days.

This is defined in the “Basis of Settlement” part of the policy and when holding a KoverNow policy has great advantages.

Because we track the value of your items constantly you know exactly what you will be paid in case of a loss. On our app you can always see this value below the picture of your item in the line “Current Value”. In case of a damage to your item you will be paid the cost to repair the item. If a repair was not possible, or not economical you will be paid the “Current Value”.

Travel Insurance

You will have noted that you can only purchase travel cover 90 days in advance. The reason for this is that whilst most of your travel cover only kicks in with you commencing the trip, some protection is already effective with the purchase of the policy. Loss of deposits and the failure of your travel agent are for example available from the purchase date. For our underwriter QBE to manage those risks effectively exposure to those risks is limited to 90 days.

Our travel products are an extension of our existing items product, making protection available when you need it, whilst providing flexibility. We are always keen to receive customer feedback and would like to hear from you if you preferred an annual cover. You can always reach us at services@kovernow.com

Because QBE’s travel cover is enjoyingly comprehensive and protects you across a wide variety of things that can go wrong on a trip you can have multiple claim elements under a single policy. To be sure that all your claim elements get dealt with together we chose to link you directly to the QBE claims portal.

Personal Data Protection

KoverNow uses your data and personal information to curate the best possible level of service for you. That’s it. In order to offer you a policy, we legally require certain personal data. We only use the convenient and secure Singpass process for a limited set of personal data. You can see what data we hold on you in Your Account on the KoverNow app.

Because we take the safe keeping of your personal information very serious, our founders are also our data protection officers. Should you have any concerns or questions regarding your data please do write to us a dpo@kovernow.com.

You find the full text of our Privacy Policy here.

We are PDPA compliant.

Insurance companies – like banks – and other financial intermediaries are at the risk of being used for Money Laundering and Terror Financing.

 

The Monetary Authority of Singapore (MAS) therefore requires banks and insurance companies to implement specific procedures to prevent those criminal activities (https://www.mas.gov.sg/-/media/MAS/resource/legislation_guidelines/insurance/guidelines/130519-Guidelines-on-Prevention-of-ML-and-Countering-TF.pdf).

KoverNow’s underwriting partners are regulated by the MAS and subject to those rules. In order to satisfy regulatory- and record keeping requirements we must identify you before you can take out insurance. In order to make this as convenient as possible we use the particularly safe e-KYC (Know Your Customer) technology provided through GovTech and endorsed by the MAS (https://www.mas.gov.sg/development/fintech/technologies—digital-id-and-e-kyc).