In my 27 years in the insurance industry, I can count the number of intelligent, farsighted, individuals who not knowing much about how insurance really works, were open-minded to learn, understand, become aware of the different types of risks, trusted good advice, and purchased polices.
The majority hesitated, did their ‘flawed half-baked analysis’ and decided that it was a waste of money and that their money would earn more for them if ‘invested’ in their businesses, playing the stock market, getting ‘crypto’ rich in minutes, flipping etc.
April 15 and 16 are indelibly etched in the mind of every UAE resident of every financial level. Financial losses caused by water, gale forces winds, etc. are still being assessed, the repercussions of which will last for many, for a long time. Businesses, homes, possessions, vehicles, shopping malls, hotels, schools, restaurants, clinics, shops, inventory, the list is long.
Extensive damage
The financial losses/payouts at business level due to the damage yet to be determined, will be extensive. On the personal front, living in rented/ owned accommodation, rent /EMIs, electricity and water, phones internet etc. have to be paid. Additional expenses could include replacement of furniture, household appliances, extensive repairs, cost of alternative accommodation, and buying household groceries/clothes etc.
What does this all add up to? Money. Lots of money being spent, savings depleted Investments liquidated, loans from banks, credit cards maxed out! So, what’s been and is on offer in the UAE which has helped, perhaps, a few farsighted individuals:
Business Interruption Insurance: A crucial type of insurance for businesses, operating in the UAE, particularly those that rely heavily on physical location or assets to generate revenues. This provides financial protection in the event of an unexpected disruption. It assists businesses maintain their financial stability and recover more quickly from a loss. The amount of coverage depends on the specific needs of the business, and how comprehensive the covers are. It is imperative to understand the specific Terms and Conditions of the policy – what is included, more importantly exclusions or limitations.
Adequate coverage
Property All Risk Insurance: Those who didn’t think it important to get home insurance will not only have to pay out large amounts for repairs, but also have the added expenses of replacing damaged possessions, electronic appliances and home furnishing etc.
It is important for property owners, or those living in rented properties in the UAE, to carefully review your property insurance policies to ensure that you have adequate coverage for your needs. For those looking to buy a policy, be aware that insurance policies can vary in terms of coverage limits, deductibles, and exclusions. So, it’s important to read the policy carefully.
Proactive measures
Don’t compromise, consider this Property All Risk Insurance for protecting your property and assets from unexpected loss or damage. This will help you reduce financial losses and maintain your financial stability in the event of an unexpected incident. Many lenders and landlords require property owners to have Property All Risk Insurance as a condition of a loan or lease agreement.
Vehicle Insurance: It is crucial to understand the factors that impact insurance premiums for damages caused by rain, storms and hail. Take proactive measures to minimise risks, research on what’s available to get adequate coverage and manage insurance costs effectively to have the right level of protection. Consult with insurance providers and explore different coverage options. Insurance is an investment in your continued wellbeing, mental physical and financial.
