Oman Insurance Company (OIC), the largest insurer in the UAE, supports residents impacted by the recent fire at the Torch Tower, Dubai Marina.
Oman Insurance Company (OIC), the largest insurer in the UAE, has announced that it is the insurer of the Torch Tower, Dubai Marina.
Following the fire that broke out in the building on Saturday February 21st, Oman Insurance’s team promptly mobilized on that very morning to assess the damages. The CEO Patrick Choffel was personally on site together with the designated loss adjuster and the OIC’s Claim personnel to coordinate emergency support.
Commenting on the fire, Patrick Choffel, Chief Executive Officer of Oman Insurance Company said “When we heard the news, the Oman Insurance’s team moved immediately. A loss adjuster was assigned and, as soon as Saturday, alternative accommodation was arranged to support the families in distress.” He added “Such situation calls for timely solution and we wanted to be present when our clients need it most.”
Under the ‘Emergency Accommodation’ provision, the Gloria hotel, Media One hotel and the Marriott hotel have been contracted to provide the affected residents and owners a place to stay up to seven days from the date of the fire. After 7 days, owners and residents who are not still allowed to occupy their flat for safety reasons will need to find alternative accommodation and arrange it by themselves.
Out of the 676 apartments units, 101 are still not accessible and the affected owners and tenants can avail the alternate accommodation provided. Oman Insurance has removed the standard 24h deductible and extended the support to the occupants to make sure that owners and tenants impacted by the fire will not presently incur any cost for the emergency accommodation.
Oman Insurance Company has been contracted to insure the building by the Torch Tower’s Owner Association managed by Kingfield Owner Association Management Services. The said insurance contract is between OIC and the Torch Tower owners and not with the tenants.
Tim Crowe, Kingfield Owner Association Manager said “Kingfield appreciates the immediate action taken by Oman Insurance to appoint a loss adjuster who was on site within a couple of hours and also to approve our requests for compensation for emergency accommodation for our residents. We have confidence that Oman Insurance will continue to assist us with reasonable settlement of valid claims under the terms of the insurance policy.”
OIC is the largest insurance company in the UAE with a gross written premium over 3.25 billion in 2014. It has large underwriting capacities and strong reinsurance treaties to cover large risk like the Torch Tower. It is a financially sound company and it is rated ‘A’ Excellent by AM Best and ‘A-‘ by Standard & Poor’s.
Oman Insurance Company (P.S.C.) (OIC) was established in 1975 and is one of the leading insurance providers in the Middle East. OIC has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey. OIC also owns a medical third-party administrator in Iraq operating under the name of “Support Management Services”.
OIC provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.25 billion in 2014, OIC is rated ‘A Excellent’ by AM Best and ‘A- Positive Outlook’ by Standard & Poor’s.