Officials in the insurance sector have confirmed that the Cabinet's approval of a decision requiring residential properties to install fire detectors and participate in the civil defence electronic system.
They explained that safety requirements in residential buildings are a concern to insurance companies, reported Al Roeya. Complying with the government's decision would facilitate the work of insurance companies when providing coverage for residential properties. This would also help in developing the property and fire insurance sector and reduce the cost of premiums for owners.
The implementation of the decision, and the supervision of its implementation would raise safety levels, and reduce the possibility of losses, and consequently, the appetite of insurance companies will increase in this line of business and the insurance process will be smoother.
Mr Fareed Lufti, secretary-general of the Emirates Insurance Association, said that every house or property that is insured must be adhere to certain safety standards. With this framework, the insurance process is easier.
Under the decision, the owners of existing residential property have a grace period of up to three years from the issuance of the decision, to amend the conditions of their property to adhere to fire safety requirements.