Community Insurance Under Spotlight

The panel discussion at the recent monthly chapter meeting of Community Association Institute - Middle East (CAIME) shed light on the important aspects of Community Insurance.

Protecting your property is one of the key risk management aspects any Community Association Management Company should plan and implement into their Operations. One needs to be aware of the steps to take to address the risk no matter how small or severe the event is. Key aspects like what one should factor in getting your insurance claim, how can one upkeep the safety of the property, and at the same time what can one do to keep the premium as low as possible are very essential. And these are some of the points that were touched upon during the recent monthly chapter meeting of the Community Association Institute - Middle East (CAIME).

 Held at the Voco Bonnington Hotel, the panel discussion on ‘Community Insurance’ was extremely informative and engaging as well. The panel comprised Gagandeep Gill, VP, Orient Insurance; Roopesh Punjabi, Cofounder, Earnest Insurance; Scott Sinclair, Head of Operations, Itihad Community; and was moderated by Ekaterina Bakeeva, Senior Portfolio Manager at Kingfield Owners Association Management Services.

Key takeaways:

1. How to make a claim strong? Handling large-scale incidents like fire are easier to claim than smaller ones like water leaks. One can make their claims stronger by A. being responsive and B. Keeping the Civil Defence Certificate up-to-date.
2. Communication is key: The panel emphasised the importance of keeping communication clear and open with your insurance company. This will help build the relationship and trust between the two parties.
3. Need to hire a project consultant: The panel discussed the importance of having a project consultant fill out the claim. Interestingly, this is provided and paid for by the insurance company, hence making the life of the OA company easier. And it’s always better to have an expert working on what they know best!
4. Pros & Cons of working directly with the insurance company or via a broker: The panel weighed the options and concluded that while it is important to maintain direct communication with the insurance company for knowledge purposes, a broker can bring more options to the table and help you take the best call for your asset.
5. Reducing Premium: The premium price is based on construction, occupancy rate, risk protection, and exposure. Experts on the panel suggested that the best way to bring the premium rate down is to follow a risk control programme, reduce exposing the building to combustible materials, and maintain high standards of maintenance.

CAIME holds many key industry discussions exclusively for its member on the last Friday of every month. Want to be a member? Visit https://caime.org/