What is Fidelity Insurance? 

At its core, Fidelity insurance serves as a safeguard against illicit activities such as theft or misappropriation of funds by individuals entrusted with managing these resources. This could include strata managers, committee members, or other related personnel. Fidelity Insurance is specifically designed to shield the body corporate funds from these unforeseen threats.

Coverage and Limits: A Closer Look 

Typically, Fidelity Insurance is an automatic cover in most strata insurance policies, with a standard coverage limit of $100,000. However, it's important to note that higher limits are available for those seeking added security. In an industry where these types of claims are a rarity, this type of insurance is remarkably cost-effective. Most policies offer this coverage without an additional premium, reflecting the infrequency of such claims.  Moreover, often there is no premium reduction for removing Fidelity Insurance from the policy. 

The Significance of Timely Claims 

A crucial aspect to remember is the time frame for lodging a claim. Most policies stipulate a 12-month period post the policy's expiration to notify your insurer of any incidents. Delayed reporting can be detrimental, highlighting the importance of immediate action upon discovering any irregularities. 

Added Benefits: Auditors' Fees Coverage 

Some policies go a step further by covering auditors' fees, a significant aid in preparing and substantiating your claim. This feature underscores the comprehensive nature of Fidelity Insurance, ensuring thorough support throughout the claims process. 

Fidelity Insurance in Strata Insurance 

The essence of Fidelity Insurance lies in its ability to provide peace of mind to Body Corporates and Owners Corporations. Knowing that your funds are secured and well-managed not only fosters a sense of security but also strengthens the overall health of your strata community. 

At Strata Insurance Solutions we are committed to helping you navigate the complexities of strata insurance, ensuring the Owner’s Corporation and key stakeholders are protected and your strata community thrives.  

Established in 2011, Strata Insurance Solutions are specialists in the Strata Insurance Industry. If you have any questions about your strata insurance policy, email info@stratainsurancesolutions.com.au or contact us on 1300 554 165. 

Follow Strata Insurance Solutions on YouTube and LinkedIn for more insightful videos, and stay informed about the latest in strata insurance.

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Shandit Pty Ltd T/as Strata Insurance Solutions strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances. Shandit Pty Ltd T/As Strata Insurance Solutions is a Corporate Authorised Representative (No. 404246) of Insurance Advisernet Australia AFSL No 240549, ABN 15 003 886 687.