Abu Dhabi: FGB said on Sunday it is launching a new insurance service for UAE residents, which offers a year-long protection plan for their smartphones and tablets. Gadget Protect provides coverage for a range of circumstances which would not be covered by most extended warranties, such as theft and accidental damage, and will be launched during Gitex Shopper 2014, the bank said in a statement. The UAE is one of the world’s leading countries in terms of use of smartphone and tablets, with a penetration rate of 52 per cent at the end of March 2014, according to the Telecommunication Regulatory Authority (TRA).
With the increased use of smart gadgets, residents have become more aware about the importance of securing their purchases. A recent survey by Kaspersky Consumer Security Risks revealed that around 35 perc ent of gadget users in the country reported lost, stolen or damaged devices from 2013 to 2014, FGB stated, adding that these incidents pose a serious risk as customers commonly use their smartphones to store personal data, photos and other content. FGB identified a market need for an insurance product which was tailored specifically for smartphones and tablets. Gadget Protect insures products worth up to Dh3,000, covering the cost of repairs and replacements for various circumstances not covered by the manufacturer’s warranty, including cracked screens and liquid damage. The policy also offers a price guarantee feature which protects against an advertised price-drop for 90 days from the date of purchase of the device.
