Oman Insurance Company introduces new insurance product for Jointly Owned Property

Posted on Nov 06, 2011

International experts highlighted on various aspects of Jointly Owned Property Regulations (Strata Law) at a conference organised by Oman Insurance Company, and demonstrated how it will benefit the property sector in the UAE.

Strata is a term used to describe jointly-owned property and relates to ownership of property in a location where a unit has been divided into several units for private ownership and common areas, and where the responsibility for day-to-day management remains with an owners’ association.

Mr. Abdulmuttalib Mustafa Al Jaidi, Chief Executive Officer, Oman Insurance Company said: “Oman Insurance believes that the Strata Law will bring much-needed professionalism and order into the management of properties in the UAE. Both owners and tenants will benefit from this development. At Oman Insurance, we have developed bespoke policy to provide coverage to all interests in a jointly developed property like residential high rise towers, villa communities, commercial offices etc.”

“Oman Insurance introduces a new product enlarging the product portfolio of the Insurance industry in UAE. The product, Property Owner’s Association Package Insurance is the first insurance product in this part of the world in compliance with the Jointly Owned Property Regulations. At present each building is insured under various types of policies using different methodologies, Property Owner’s Association Package Insurance will provide a single and common cover for the whole building including common areas,” he added.

Innovative ideas in insurance are a regular occurrence at Oman Insurance Company says the CEO of Oman Insurance Company, Mr. Abdul Muttalib Mustafa Al Jaidi: “At Oman Insurance Company, we don’t just innovate new products. We also make sure that these products are beneficial to a large section of our society”

Oman Insurance’s Property Owner’s Association Package Insurance is the region’s first insurance product in the Middle East to cater to regulations of jointly owned properties. This Insurance will provide package cover with multiple covers such as property insurance, third

party insurance, office bearers’ liability insurance, Fidelity Guarantee Insurance and Machinery breakdown insurance.

Experts drawn from all parts of the world took part in the conference and highlighted the key advantages of the Strata Law and how it would streamline the field of property management in the UAE.

The conference was held at Atlantis Hotel, Dubai, and attended by a larger number of representatives of property companies, developers, strata managers and strata management companies.