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Old June 24th, 2015, 07:21 PM   #17321
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Quote:
Originally Posted by Dubai_Steve View Post
For the Torch the insurance company is already paying affected owners for loss of rental income. The contractors should be appointed within the next 2 months. No need to ask owners to pay for the repairs in advance.
You missed my point entirely. Maybe works would be underway right now if the Building management instructed the works directly. There is absolutely no guarantee that this could roll on for years. What you are relaying is simply hearsay.
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Old June 25th, 2015, 11:53 AM   #17322
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Have it ever crossed your mind that things here might work differently?
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Old June 26th, 2015, 05:51 PM   #17323
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Haha!

I know how things work here. Select will load the claim and then get the money paid to them. Then they will pay some poor guys to fix old plywood hoardings over the burnt areas and paint them battleship grey to match the building
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Old June 29th, 2015, 12:28 PM   #17324
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Or perhaps, Dubai Municipality and/or Emaar will not approve repair plans and give any permission for work to start without also presenting the approval of the Insurance Company .... you know, in accordance with the local laws and regulations
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Old June 30th, 2015, 08:18 PM   #17325
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What's the current rental price for a 1BR in the Torch with partial marina view mid floor? My tenant will vacate soon and I'm wondering what's a realistic price to rent it out. Plz advise!
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Old June 30th, 2015, 09:13 PM   #17326
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Or perhaps, Dubai Municipality and/or Emaar will not approve repair plans and give any permission for work to start without also presenting the approval of the Insurance Company .... you know, in accordance with the local laws and regulations
It will just be a case of obtaining a NOC from Emaar to start the work after submitting a method statement containing a safe system of work to protect the workers and tenants. They then have to decide if they should allow the building to be repaired to its former glory or remain a scorched advert of a lack of regulation and control.
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Old July 1st, 2015, 02:00 PM   #17327
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A NOC that can only be obtained if also the Insurance Company has signed off
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Old Yesterday, 11:38 AM   #17328
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Altin, if the management have the funds available in the sinking fund to carry out the repairs I don't see how the insurance company can object to the works progressing. Their purpose it to compensate the losses incurred and the loss adjuster will negotiate throughout the process.

This is a bad advert for Dubai and the tallest block, when we are now seeing 2 high rise buildings within a stones throw of each other, standing charred over a significant part of the building. That's why I'm still in complete disbelief that they did not drape debris netting over the building and cover the damage from the gaze of the tourists and potential investors. Stunning failure IMO.
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Old Yesterday, 02:53 PM   #17329
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All I'm saying is that the Insurance Company has to give their approval for the repairs, since at the end they will be footing the bill, and that's how the local rules and regulations states.

You are saying they don't need the Insurance Company's approval and they can proceed without it.
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Old Yesterday, 03:20 PM   #17330
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The insurance company do not own the building, they only insure it. They can approve repairs or they can negotiate and adjust a payout based on the actual cost of repairs.

Many businesses, like my own, can not stop to wait for the go ahead from an insurance company. They pay for the repairs themselves and claim it back retrospectively from the insurance company. The Torch presumably has a sinking fund, so why leave it lying in the property managers bank account when you have a building badly damaged and gaining a bad reputation with every month of inactivity that passes.
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Old Today, 02:42 AM   #17331
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Latest news...

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Old Today, 02:44 AM   #17332
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Latest news:

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Currently we have now finished completing the Full Scope of works and the BOQ (Bill of Quantities) with the loss adjusters and the consultant engineer last week. So we should go out to tender this coming week for the Main Contractor.
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