Dubai PR Network, Online Press Release from Dubai and Middle East
Filter PR by
  
Oman Insurance Company is supporting the Torch Tower's Owners with Advance Payment


Oman Insurance Company (OIC), insurer of the Torch Tower in Dubai Marina, has announced that, subject to certain conditions, it considers making an advance payment to homeowners affected by the fire to reduce their financial hardship.

dFollowing the fire that broke out in the building on Saturday February 21st, an indicative 81 apartments out of 676 units are potentially unfit for habitation pending official confirmation by the Dubai Authorities.

The property insurance contracted by the Owner Association to protect the Torch Tower’s owners contains two supplemental provisions: Cost of Alternative Accommodation and Loss of Rental Income cover. The first one compensates owners who live in their property for reasonable, additional cost of living under a new roof whilst their home is uninhabitable. The second one indemnifies the owner landlord for loss of rent when the leased premise is uninhabitable.

As an industry standard, both covers are payable when the extent of loss has been established and the owner is back in his/her property. Therefore the compensation is only given once the property has been repaired which can take quite some time.

Explaining the position, Patrick Choffel, Chief Executive Officer of Oman Insurance Company said, “We understand that some Torch Tower’s owners have been placed in a position of financial pressure by this unfortunate fire. In order to provide a degree of immediate financial relief to affected owners, we have decided that in this instance, advance, staged, payments shall be made in respect of Cost of Alternative Accommodation and Loss of Rental Income.”

The interim relief will start for an initial three month period with the presentation of appropriate documentation. Balaji Ganapathy, SVP Head of Non-Motor Claims at OIC explains, “For the Alternate Accommodation, we are requesting owners to provide the Loss Adjuster team with their title deed, passport & visa copy, the new accommodation tenancy contract and proof they paid for it. For the Loss of Rental Income, we will need the title deed, passport & visa copy of both owner and tenant, a copy of the original Torch Tower tenancy contract, and proof they reimbursed the tenant part of his/her rent. Any payment will be subject to the terms and conditions of the Policy.” He added “Any calculation of loss will be calculated on a pro rata basis and the covers will cease as soon as the apartments become both habitable and accessible.”

OIC, the largest insurer in the UAE, has been very proactive and transparent to support the Torch Tower’s owner. Following the Emergency Accommodation, OIC’s appointed loss adjuster had on going communication with affected owners via Kingfield Owner Association Management Services to inform them of the progress of the claim. This proactive communication and the reassuring support have helped reduced the stress typically incurred during this type of traumatic events.

Posted by : GoDubai PR Dept, -
Viewed 13792 times
PR Category : Banking & Investments
Posted on : Wednesday, March 25, 2015  6:36:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to

Related Stories


 
 
Most Viewed Press Release posted in the last 7 days
Eid Gifts From The Body Shop [7626-Views]
UAE Banks Among Top Performing in GCC, KPMG Report Finds [4182-Views]
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of... [3559-Views]
First Range Rover Made Under Social Distancing Measures Comes Off Jaguar Land Rover's Sol... [2911-Views]
Introducing the Marks & Spencer Summer Edit [2907-Views]
Ralph Lauren: How to master the art of tie-dye. #RLatHome [2878-Views]
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across... [2759-Views]
Emirates Sets Industry-leading Safety Standard for Customers Travelling as It Resumes Oper... [2702-Views]
OMEGA Adds Full Gold Models to The Speedmaster 38 mm Collection [2550-Views]
Dubai Customs and Omani Counterpart Discuss Post-Covid19 Era [2522-Views]
UAE Develops a Rapid Coronavirus Laser Testing Technology [2485-Views]
The Heart of Europe Takes Shape as the Ultimate Sustainable Island Tourism Destination in ... [2321-Views]
VFS Global Joins Nation's Biggest Community Campaign; Donates to the 10 Million Meals Init... [2194-Views]
Mubadala Supports the Fight Against COVID-19 by Leveraging Its Assets' World-Class Capabil... [2087-Views]
Union Coop Al Barsha – 3 Commercial Center 40% Complete [2075-Views]
Trina Solar Publishes Its Vertex Module Technology White Paper, Unveiling a Brand New Tech... [2066-Views]
Aster DM Healthcare Launches ‘Our New Earth' Microsite to Coach People to Transition to th... [2050-Views]
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair [1997-Views]
INFINITI of Arabian Automobiles Launches Exclusive Eid Rewards Campaign [1956-Views]
Samsung Brings Unparalleled Offers to Tech Enthusiasts This Eid [1952-Views]
Renault of Arabian Automobiles brings you Trade-In Super Sale for Eid [1939-Views]
IATA COVID-19 Middle East and Africa Update Today at 12 PM [1894-Views]
Special Edition Jaguar XE, XF & Range Rover Vogue Vehicles Arrive in UAE [1763-Views]
The Best Omega Sunglasses For a Long-Awaited Summer [1759-Views]
SALAMA Announces AED 13.65 Million Profit for Q1 2020 [1755-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories