Effective Date: 16th October 2024

At Diar United, we value the protection and security of our clients’ properties and assets. This insurance policy is designed to provide you with an overview of the coverage available through our real estate projects. By ensuring that your investments are protected, we aim to offer you peace of mind, allowing you to focus on your growth and development. Please review the following details of our insurance policy carefully.

1. Scope of Coverage

Diar United offers insurance coverage for properties, both residential and commercial, developed or marketed through our company. Our insurance policies typically cover the following areas:

• Property Damage: Coverage for damages to physical structures, including buildings and fixtures, due to unforeseen events such as fire, theft, vandalism, and natural disasters (floods, storms, earthquakes, etc.).

• Loss of Rent: In cases where a property becomes uninhabitable due to covered damage, this clause compensates for the rental income lost during the period of restoration.

• Third-Party Liability: Protection against legal claims from third parties for injuries or damage occurring on the insured property.

• Construction Defects: Coverage against structural defects for a period specified by the project’s insurance provider, applicable to newly developed properties.

2. Insurance Provider Partnerships

Diar United works with reputable insurance providers to ensure that our clients receive comprehensive and competitive coverage. The insurance providers are selected based on their reliability, customer service, and ability to offer bespoke solutions suited to the needs of our diverse client base.

3. Eligibility and Application Process

To be eligible for the insurance offered through Diar United, property owners must:

• Own or lease a property marketed or managed by Diar United.
• Submit an application to the insurance provider through Diar United, providing all necessary documentation and property details.
• Agree to the terms and conditions set forth by the insurance provider and Diar United.

Upon review and approval, the insurance policy will become effective as outlined in the specific coverage agreement.

4. Premiums and Payment

The insurance premium is determined based on various factors, including the type of property, its location, value, and the specific risks associated with it. Diar United and the partnered insurance provider will calculate the premium, and clients will be informed of the payment schedule, which may be annual or semi-annual.

Failure to make timely payments could result in the suspension or cancellation of coverage, as outlined in the insurance provider’s terms.

5. Claim Process

In the event of a loss or damage to an insured property, the following steps must be taken:

1. Notify the Insurance Provider: As soon as possible, inform the insurance provider of the event causing the damage or loss. Diar United can assist in facilitating the claim.
2. Provide Documentation: Submit any required documents, including photographs, proof of ownership, police reports (in cases of theft or vandalism), and other relevant information to support your claim.
3. Assessment: The insurance provider will assess the damage or loss and determine the compensation based on the terms of the policy.
4. Compensation: After the assessment, the insurance provider will issue a payout based on the agreed terms, less any deductible or exclusions listed in the policy.

6. Exclusions

Certain risks and damages may not be covered by the standard insurance policy. These typically include:

• Normal wear and tear or depreciation of the property.
• Intentional damage or damage caused by the property owner’s negligence.
• Acts of war or terrorism.
• Pre-existing damage before the policy was enacted.

Specific exclusions will be clearly listed in each individual insurance agreement.

7. Termination and Renewal

The insurance policy can be terminated under the following conditions:

• Non-Payment: Failure to pay the premium on time.
• Misrepresentation: Providing false information during the application or claims process.
• Voluntary Cancellation: The property owner may choose to cancel the policy by providing notice to the insurance provider and Diar United.

Renewal notices will be sent to property owners in advance of the policy expiration, and the terms may be adjusted based on updated risk assessments.

8. Dispute Resolution

If a dispute arises regarding the interpretation or application of this insurance policy, the parties involved agree to attempt resolution through mediation before pursuing formal legal action. Any unresolved disputes will be settled in accordance with the laws of the Kingdom of Saudi Arabia.

9. Contact Information

For any questions or assistance with your insurance policy, please contact Diar United or your designated insurance provider.

Email: info@diarunited.com
Phone: 0568666681
Address: Building 2459, Prince Muhammad Ibn Abdulaziz Branch Street, Secondary No. 9081, Al Aziziyah District, 23342 Jeddah, Kingdom of Saudi Arabia.