Oman Insurance Company, one of the largest insurance firms in the UAE, has launched the first insurance product in the Middle East to cater to regulations of jointly-owned properties (strata law).

The product was launched at a conference organised by Oman Insurance Company in Atlantis Hotel, Dubai, in the presence of a representatives of property companies, developers, strata managers and strata management companies.

The conference saw international experts highlight various aspects of jointly owned property regulations.

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 and commercial offices,' he added.

“Oman Insurance has introduced a new product enlarging the product portfolio of the insurance industry in the UAE. The product, Property Owner’s Association Package Insurance, is the first insurance product in this part of the world compliant 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 whole building including common areas,' said Al Jaidi.

Property Owner’s Association Package 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.

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.

The speakers included Dr Gary Nugden, executive chairman, PRD Nationwide; Stephen Kelly, partner, Clyde & Co, Dubai; Graham A. Copland, managing director, John Foord, Singapore; Sophie Di Meglio, underwriting manager, Middle East, Zurich, DIFC and James Portelli, executive VP, head of Strategy & Planning, Oman Insurance Company.-TradeArabia News Service