A discussion has arisen after the increasing tension in the Middle East and attacks at many places in Saudi Arabia and Dubai. That is, what will happen if something happens to Burj Khalifa, the world’s tallest building which has become the identity of Dubai. If Burj Khalifa is destroyed, will it be compensated? So let us tell you what is the whole matter and why these questions are being raised.
According to media reports, the Burj Khalifa building is heavily insured. This building is insured by Oman Insurance on behalf of its developer Emaar Property. The amount of this insurance is also not small but it is Rs 1,50,00,00,000 (about Rs 150 crore). Now the question is whether this insurance will be available if Burj Khalifa is attacked.
What kind of insurance does Burj Khalifa have?
In fact, the insurance cover of mega-infrastructure projects like Burj Khalifa is completely different from that of ordinary buildings. Insurance provided by Emaar developer may include covers like property insurance, construction risk and political violence. In such a situation, if there is any damage to Burj Khalifa then the insurance company will have to pay it. Now the question is what claim is available for the loss caused by such attacks. In fact, many times in insurance policies, cover up to a certain amount is prescribed for a particular category of loss and this amount is not the price of the entire building, but may be related to a particular loss, section or coverage limit.
This is how it is decided how much insurance you will get
According to experts, there are different types of insurance. A separate limit is set for cases like terrorist attack or riot. At the same time, losses caused by full scale wars are often not included in the standard policy or are covered at a separate premium. Insurance claim payout depends on the policy terms, exclusions and assessment of actual loss.
Will I get the full amount directly?
Any insurance claim is always settled on the basis of actual loss. If the loss is limited, the payment is also in the same proportion. Additionally, deductible and exclusion clauses apply in many cases. If we look at the case of Burj Khalifa, its insurance is of a different type. Because the structure here is a little different. There are also many hotels, offices and private buildings which are insured separately by their owners. There may be a limit on the insurance policy, but getting the full amount will depend on the nature of the loss, the terms of the policy and the investigation.