A Pioneer for JOP (STRATA) Insurance in Dubai and Abu Dhabi

Emirates Insurance Company ensures that joint property owners and residents are adequately covered against various risks

In recent years, the real estate landscape in the UAE has evolved profoundly, particularly with the rise of jointly owned properties, such as apartment complexes, villa communities and commercial buildings. As this sector grows, so does the need for specialized insurance solutions. Emirates Insurance Company (EIC) has emerged as a leader in providing Jointly Owned Properties (STRATA) insurance in both Dubai and Abu Dhabi, ensuring that property owners and residents are adequately covered against various risks.

“EIC is making remarkable headway in the Jointly Owned Properties (STRATA) insurance sector with nearly AED 27 billion worth of JOP assets insured since the launch of our proposition in January 2024, highlights how we are addressing the growing needs of jointly owned properties in the UAE,” says Jason Light, CEO of Emirates Insurance Company. “With our comprehensive coverage, innovative risk management strategies, and commitment to customer service, EIC is not just providing insurance; it is building a foundation for safer, more secure communities. As the real estate market continues to evolve, EIC’s proactive approach ensures that they remain at the forefront of the Jointly Owned Properties (STRATA) insurance industry, ready to meet the challenges of tomorrow.

With our comprehensive coverage, innovative risk management strategies, and commitment to customer service, EIC is not just providing insurance; it is building a foundation for safer, more secure communities.

Jason Light, CEO of Emirates Insurance Company

For property developers, community association managers and owners, Jointly Owned Properties (STRATA) insurance provides peace of mind, knowing that their investments are safeguarded against unforeseen events. It also enhances the appeal of properties to potential buyers and tenants, who often seek buildings with comprehensive insurance coverage. Residents, on the other hand, benefit from the security that comes with shared insurance policies. With the collective responsibility of managing risks, Jointly Owned Properties (STRATA) insurance promotes a sense of community while ensuring that individual owners are protected from financial burdens that may arise from damages or liabilities. By providing reliable insurance solutions, EIC contributes to the stability and attractiveness of jointly owned properties, fostering investor confidence.
 

Understanding Jointly Owned Properties (STRATA) Insurance

Jointly Owned Properties (STRATA) insurance is specifically designed for jointly owned properties, addressing the unique needs of owners’ associations/owners committees/owners unions and individual unit owners. This type of insurance typically covers common property areas, such as hallways, lobbies, and recreational facilities, as well as liability for accidents that occur in these shared spaces. Given the shared nature of ownership, strata insurance is crucial for protecting the interests of all stakeholders involved.

EIC’s Innovative Approach

Emirates Insurance Company has made significant strides in the strata insurance market by offering tailored products that cater to the complexities of jointly owned properties. EIC’s approach focuses on understanding the specific needs of each and every community, from high-rise residential buildings to mixed-use developments.

1. Comprehensive Coverage: EIC provides comprehensive policies that cover both the building structure and the common areas. This includes protection against natural disasters, fire, theft, and even vandalism. Additionally, liability coverage protects the owners’ associations/owners committees/owners unions against claims resulting from injuries that occur in common areas.
2. Risk Management: Understanding that prevention is better than cure, EIC emphasizes risk management. They offer risk assessment services to help owners’ associations identify vulnerabilities and implement strategies to mitigate potential risks. This proactive approach not only helps in reducing the likelihood of claims but also fosters a safer living environment
3. Customer-Centric Service: EIC prides itself on delivering exceptional customer service. Their dedicated team works closely with clients to ensure that they understand their policies and coverage details. This transparency builds trust and ensures that property owners feel more secure in their insurance decisions
4. Flexible Solutions: Recognizing that each jointly owned property has its own unique challenges, EIC offers flexible insurance solutions. Whether it’s a small community or a large complex, they can customize policies to fit the specific requirements of each property

As the demand for Jointly Owned Properties (STRATA) insurance continues to rise, EIC is poised to expand its offerings further. The company is exploring innovative technology solutions, such as digital platforms for policy management and claims processing, to enhance customer experience and streamline operations and is well-positioned to become a key player in the Jointly Owned Properties (STRATA) insurance market, ultimately benefiting property owners, residents, and the broader community.

For more information about Emirates Insurance Company (PSC) Jointly Owned Properties (STRATA) Insurance, contact –

Emirates Insurance Company is one of the proud sponsors of World Realty Congress 2024