Fidelity United Property Insurance

Property insurance is vital for financially protecting your home and possessions from unforeseen events like fires or natural disasters. With this type of insurance, you can recover financially without the burden of out-of-pocket expenses for repairs or replacements. 

 

What is Fidelity United Property Insurance?

Fidelity United Property Insurance covers your property against a wide range of risks- fire, theft, weather damage, and more. These Fidelity insurance policies offer comprehensive coverage through both open perils and named perils formats. 

Let’s understand these two terms better. 

Open perils policies provide broad coverage but exclude specific risks like earthquakes and floods. Named perils policies, meanwhile, cover only the risks listed such as fire and theft. This tailored approach ensures that the insured receives precise coverage for their unique circumstances.

 

Types of Fidelity United Property Insurance

Here are some of the major types of Fidelity United property insurance-

• Standard Fire and Lightning Perils
• Standard Fire and Allied Perils
• Property All Risks
• Business Interruption Insurance
• Jeweller’s Block

Top Features and Inclusions of Fidelity United Property Insurance

Let’s take a look at the features and benefits of different types of Fidelity United property insurance-

1. Standard Fire and Lightning Perils:

• Named Perils Coverage: This Fidelity United insurance policy specifically covers losses caused by 2 explicitly mentioned perils- fire and lightning
• Basic Property Protection: Offers foundational coverage against unforeseen, sudden, and physical damage to the insured property resulting from fire or lightning
• Clarity and Specificity: As a named peril policy, it provides clear and straightforward coverage details and focuses on the listed perils

2. Standard Fire and Allied Perils:

• Expanded Coverage: This Fidelity insurance plan offers a broader coverage scope than the ‘Fire and Lightning Policy’, covering a wider range of perils for unforeseen, sudden, and physical damage
• Comprehensive Peril Protection: Covers damages from- Fire, Aircraft damage, Explosion or implosion, Riots, Malicious damage, Lightning, Strikes, Natural disasters (e.g., storms, earthquakes, volcanic eruptions, cyclones), Bush fire, Impact damage, Subsidence, Water damage from bursting/overflowing tanks and pipes, Leakage from sprinklers, Landslide
• Optional Burglary Coverage: Allows inclusion of burglary damage/loss coverage for an additional premium
• Natural and Man-Made Disasters: Financial protection against both natural disasters (like earthquakes, floods, and hurricanes) and man-made events (such as riots and aircraft damage)

3. Property All Risks:

• All Risks Coverage: This Fidelity United insurance policy offers comprehensive protection against accidental physical loss or damage, covering a broad spectrum of risks unless explicitly excluded.
• Broader Than Named Perils: Provides more extensive coverage than policies that only cover specific named perils
• Inclusive of Fire and Allied Perils: Encompasses all perils outlined in the ‘Fire and Allied Perils’ policy, plus more, which translates into a more expansive safety net
• Theft Protection: Specifically includes coverage for theft or attempted theft involving violent and forcible entry or exit from the premises

4. Business Interruption Insurance:

• Income Loss Coverage: Financially protects against the loss of income resulting from disasters such as fires, covering periods of business closure or the rebuilding phase
• Standing Charges Coverage: This Fidelity insurance plan includes coverage for fixed expenses like bank interest, employee salaries, rent, and utilities. As a result, the business can be covered despite business disruptions
• Profit Protection: Distinguishes from property insurance by covering potential profits, and helping business restore their financial position 
• Applicability to All Businesses: Designed to benefit all types of businesses
• Add-on to Property Insurance: Available as an additional provision to a business’ property insurance policy- not as a standalone option- to enhance existing coverage
• Conditional Payouts: Compensation depends on the cause of loss being covered under the property insurance policy, linking directly to the primary insurance's terms
• Comprehensive Financial Considerations: When opting for this cover, it's essential to assess gross profit, net profit, standing charges, annual turnover, and the indemnity period to tailor the coverage to the business's specific needs

5. Jeweller’s Block:

• All Risk Coverage: This Fidelity United insurance plan emphasises comprehensive protection and requires exclusions to be explicitly stated- if not listed as an exclusion, the risk is covered
• Broad Risk Inclusion: Covers a wide array of risks including burglary, robbery, shoplifting, grab and run, trick loss, substitution, accidental damage, and standard risks like fire
• Key Exclusions: Highlights exclusions such as employee dishonesty, damage to goods in process, and mysterious or unexplained losses, with most others being common sense or optionally re-includable
• Flexible Extensions: Initially covers stock at premises but can be extended to cover stock in various scenarios and locations such as Consignments, Shipments, Bank/safe deposit boxes, Trade shows and exhibitions, Personal residences, Travel by principals or employees, While items are being worn

Read: Fidelity United Liability Insurance- Features, Benefits

 

Eligibility Criteria for Fidelity United Property Insurance

Under Fidelity United property insurance, you can have a variety of assets covered. The range of items eligible for coverage includes-

• Rent Payable/Receivable
• Office equipment
• Machinery, business plant
• Buildings
• Stocks
• Goods under care, custody, and control
• Furniture, fixtures and fittings

Claim Process of Fidelity United Property Insurance

The Fidelity United Property Insurance claim process commences with the first step of notifying the company about the claim. 

Upon receiving your notification, the company takes prompt action to support you through the ensuing procedures. This is done by assigning a specialised expert dedicated to your case to help you get personalised assistance and guidance. 

Factors to Consider While Buying Fidelity United Property Insurance

When selecting Fidelity United Property Insurance, it's important to carefully consider various aspects to get coverage that best fits your needs. To make an informed decision, keep the following factors in mind-

1. Premises/Business Location: The geographical location of your property can significantly affect your insurance needs and premiums. This is because factors like crime rates and susceptibility to natural disasters vary by area.
2. Nature of the Business Activities: The type of business conducted at the insured location plays a critical role in determining the risks and thus the coverage required. Different industries have unique vulnerabilities that need tailored protection.
3. Construction Materials: The materials used in the construction of your building, especially the walls and roof, can impact your insurance. For instance, due to reduced risk, buildings made from fire-resistant materials may attract lower premiums.
4. Proximity to Surrounding Properties: The characteristics of neighbouring properties can also influence your insurance risk profile. For example, proximity to hazardous materials or industries might increase the perceived risk.
5. Inventory Type: For businesses with stores or warehouses, the nature of the stock held is a key consideration. High-value or perishable goods might require more specialised or extensive coverage compared to general merchandise.

Read: Fidelity United Engineering Insurance- Features, Benefits

 

Benefits of Applying for Fidelity United Property Insurance via Policybazaar UAE

You can easily apply for Fidelity United Property Insurance through Policybazaar.ae, a leading online portal in the UAE. 

Policybazaar UAE is renowned for its user-friendly interface and platform that simplifies the insurance buying process. It allows you to explore, compare, and purchase a variety of insurance products as per your needs — all in one place. 

This innovative portal is designed to educate and empower consumers and make insurance decisions transparent and accessible.

Here are the benefits that you can enjoy by applying for Fidelity United Property Insurance via Policybazaar.ae:

1. Exceptional Customer Support: Policybazaar UAE offers round-the-clock assistance so that you receive the help that you need. This support ranges from initial inquiries to assistance during the claim process.
2. Impartial Recommendations: The platform is committed to providing unbiased advice, which helps you make informed insurance decisions without any external influence. 
3. Exclusive Deals and Offers: Through partnerships with insurance providers like Fidelity United, Policybazaar UAE brings exclusive offers and discounts to its users, 
4. Effortless Exploration and Comparison: With just a few clicks, you can explore a wide range of insurance products, compare features, coverage, and prices, and find the best match for your property insurance needs.
5. Educational Resources for Informed Decisions: Policybazaar.ae goes beyond mere comparisons by providing valuable insights and educational content. This empowers you with knowledge regarding various insurance policies, coverage specifics, and industry terms.

 

Frequently Asked Questions