No corporate or financial information was provided with this submission. Request insured information pack from broker.
Sources: MISSING — insured financial data not providedConfidence 0%
The SlipP03
Period11/07/2026 to 10/07/2027 (both days inclusive)
Coverage BasisProperty All Risks — Section 1 (Building & Permanent Fixtures, Contents, Loss of Rent)
ValuationReinstatement value basis, subject to 85% Condition of Average
This Contract LimitFull value cover — no distinct limit stated (Section 1)
BI Indemnity Period30 months (Loss of Rent)
AOP DeductibleAED 2,500 e&e loss (AED 250 for portable/non-portable electronic equipment); 3 days LOR/Temp Accom.
JurisdictionUnited Arab Emirates
Premium (100%)Not stated in slip
Sub-Limits
The most material sub-limits are Loss of Rent (AED 105,000,000, 30-month indemnity period) and Emergency Accommodation (AED 1,000/day per owner-occupied or tenanted unit for 15 days, scheduled at AED 2,895,000 for 193 units), combined with all other over-limit extensions capped at 15% of the Section 1 limit in aggregate. Minor operational sub-limits — Money, Domestic Pets, Certificate of Title, Reward for Information, and similar benefits — range individually from AED 3,000 to AED 500,000.
Key Clauses
Communicable DiseaseEXCLUDED
LMA5393Communicable Disease Endorsement (LMA5393, 25 Mar 2020) excludes loss, damage, cost or expense arising from a Communicable Disease across all coverage extensions.
Nuclear / Chemical / BiologicalEXCLUDED
NMA2962 + NMA1622Biological/Chemical Materials Exclusion (NMA2962) and Radioactive Contamination Exclusion (NMA1622) both apply, excluding loss from malicious biological/chemical use or radioactive contamination.
CyberEXCLUDED
Institute Cyber Attack ExclusionInstitute Cyber Attack Exclusion applies — excludes loss caused by use of any computer, computer system or malicious code as a means of inflicting harm (carve-back only for war/terrorism weapon-guidance systems).
SanctionsEXCLUDED
Sanctions Clause: Insurer not liable to the extent that cover, claim payment or benefit would expose it to sanction, prohibition or restriction under UN, EU, UK or US sanctions law.
Shory Insurance Brokers is requesting Strata Insurance terms for Kingfield Owner Association Management Services on behalf of Mada Residences, ahead of the 11/07/2026 renewal. The broker has attached the broking slip, claims history and site survey, disclosed the incumbent insurer as ADNIC, and set no target rate ("quote your best"). Terms are requested on or before the 11 Jun 2026 quote deadline.
Signals
NEGOTIATING LEVER
No target rate set; broker states "quote your best" — an open competitive test against incumbent ADNIC, with no benchmark premium disclosed.
DISCLOSURE
Incumbent insurer disclosed as ADNIC. Broker requests terms released in line with the broking slip structure by the 11 Jun 2026 deadline.
POSITIVE SIGNAL
Full 5-year loss history proactively disclosed in the cover email — NIL for four of five years, with a single AED 37,991 claim year in 2023.
Source: RE — New Enquiry — Kingfield — Mada Residences — Strata terms request.msg (V. Raman, Shory, 17-Jun-2026)Confidence 70%
COPE AnalysisP05
ConstructionA
RCC frame, glass curtain wall, no ACP cladding
The tower is a reinforced concrete structure with concrete floor slabs and roof. External walls are glass curtain wall complemented by plastered concrete and stone cladding; site discussions confirmed no Aluminium Composite Panel (ACP) cladding is present. Internal walls are concrete block with adequate fire-stopping at penetrations and service shafts; the building is treated as a single fire area.
OccupancyB
193 residential apartments, G+4P+33+Roof
The building comprises 193 residential apartments (levels 5–36, one- to four-bedroom units) with amenities (pool, gym, sauna/steam) on level 37 and parking/plant across the ground and four podium levels. The site is staffed 24/7 by 31 personnel across two shifts.
ProtectionB
Fully sprinklered (NFPA 13) with two open survey findings
The building is fully sprinklered to NFPA 13 (except main electrical rooms and lift machine room), with FM200 gaseous suppression in electrical/CCTV/telecom rooms, foam deluge in the generator room, and two fire pump sets (electric + diesel duty/standby each). Two survey findings remain open: weekly fire pump tests run only 10 minutes (short of NFPA 25), and the diesel generator day tank lacks secondary containment/bunding.
ExposureB
Moderate site exposure; no undue peril risk identified
Surveyor rates overall site exposure as moderate — bordered by roads and vacant plots to the north/east/south, and a third-party residential tower 4m away to the west (30m superstructure separation). No undue risk was identified for flood/surface water, earthquake, storm, lightning, aircraft, explosion, malicious damage, or subsidence.
Source: Mada Residences — Site Survey & Risk Review, 23-Oct-2023 (Ajay Kumar Pillai, Shory Risk Consulting & Surveying)Confidence 80%
TIV CompositionP06
Building & Permanent FixturesAED 504,750,361 (82.3%)
Loss of Rent (30mo IP)AED 105,000,000 (17.1%)
Emergency AccommodationAED 2,895,000 (0.5%)
Contents & MiscellaneousAED 636,540 (0.1%)
Total insured value of AED 613,281,901 is dominated by Building & Permanent Fixtures (82.3%). Loss of Rent represents 17.1% of TIV (below the 30% threshold that would warrant separate BI-ratio commentary). Contents and Emergency Accommodation together account for the remaining 0.6%.
RegionBusiness Bay, Burj Khalifa District, Dubai, UAE
Asset
TIV
%
Construction
Wind Rating
Sprinkler
Mada Residences Business Bay, Dubai
AED 613.3M
100%
RCC / non-combustible
—
Full NFPA 13 (excl. elec/lift rooms)
Wind rating not stated in survey/submission — rendered as "—" per data-integrity rule (no estimate substituted). No FEMA/NOAA/USGS peril-overlay datasets apply to this UAE risk; no authoritative overlay source available.
Five policy years (2021–2025) were provided, of which four had no recorded claims. 2023 produced two losses totalling AED 37,991: heavy-rain damage (AED 35,191 incl. AED 2,750 loss-adjuster fee, currently open, awaiting client invoices) and a AED 2,800 water-leakage claim to an apartment door (closed & settled).
The single active loss year sits within an otherwise clean five-year run; no loss ratio can be derived as no premium figure was provided in the broking slip.
Loss ratio axis not populated — no premium indication provided in the broking slip; all figures sourced from Mada Residence - Claims - 2026.xlsx (Summary & Data tabs).
Source: Mada Residence - Claims - 2026.xlsxConfidence 70%
Pricing & Technical ViewP09
Section 1 — Property All RisksSingle Layer / Ground-Up
Broker Indication
N/A
Premium field blank in slip
Technical Price
N/A
Not modelled
Adequacy
N/A
Cannot assess — technical price not modelled
Expected Loss
AED 7,598
5-yr average incurred (burn cost)
Cat Load (AAL)
N/A
Cat model not provided
Tower Summary100% of Programme
Broker Indication
N/A
Premium field blank in slip
Technical Price
N/A
Not modelled
Adequacy
N/A
Cannot assess — technical price not modelled
Expected Loss
AED 7,598
5-yr average incurred (burn cost)
Cat Load (AAL)
N/A
Cat model not provided
No pricing model has been run and no premium indication was stated in the broking slip. Expected Loss is shown on a 5-year burn-cost basis only; Cat Load, Technical Price and Adequacy cannot be assessed until a broker premium indication and internal cat model output are received.
Sources: MISSING — broker premium (blank in slip) · MISSING — technical model · MISSING — cat model output · Claims 2026.xlsx (burn cost)Confidence 15%
Data QualityP10
SOV Completeness
N/A — single strata location
Geocode Match
Rooftop-level (survey geocode)
Engineering Surveys
1 on file, dated 23-Oct-2023 (2.7 yrs old)
Loss History
5 years (2021-2025)
Financial Statements
Not provided
Cat Model Output
Not provided
MEDIUM
Overall posture: well documented, pricing incomplete
Submission includes a full site survey, five-year loss run and detailed broking slip terms. Premium, financial and sanctions-screen data are outstanding, keeping several appetite rules unassessable.
HIGH
Outstanding before bind: premium and financial data
Premium and Excess fields are blank across all seven slip sections; the broker's cover email sets no target rate ('quote your best'). No corporate or financial information has been provided for the insured/Owners Association.
MEDIUM
Survey currency flagged for review
The only engineering survey on file is dated 23-Oct-2023, roughly 2.7 years before the 11-Jul-2026 inception. No confirmation of no material change has been supplied.
Sources: all four submission documents cross-referenced across P01–P09Confidence 60%
Appetite Rule CheckP11
Rule
Threshold
Risk Value
Result
Occupancy type
Residential / habitational strata acceptable
193-unit residential strata tower
PASS
Construction
Non-combustible construction required
RCC, glass curtain wall & stone cladding; no ACP
PASS
Building age
<15 years preferred at inception
Built 2018 (~8 yrs at 2026 inception)
PASS
Fire protection
Sprinklered per NFPA 13
Fully sprinklered (excl. elec/lift machine rooms)
PASS
Fire pump testing
Weekly & annual tests per NFPA 25
Weekly test only 10 min; annual NFPA25 test outstanding
REFER
Fuel tank containment
Adequate secondary containment / bunding
Diesel day tank bunding deficiency noted in survey
Survey: no undue risk — flood, EQ, storm, subsidence
PASS
Composite Score
62 / 100
QUOTE WITH CONDITIONS
8 of 14 rules PASS; 6 REFER (fire pump testing, fuel tank bunding, loss ratio, sanctions screen, insured financials, premium adequacy) — all REFERs reflect missing data or open survey findings, not adverse risk quality. No FAIL / blocking rules triggered.
Sources: all four submission documents (deterministic rule engine — v1 ruleset)Confidence 68%
Recommended ActionsP12
QUERY
1. Request completed premium & excess terms
Broking slip Sections 1 & 3-7 have blank Premium fields; broker email states target rate 'NIL, quote your best' with no benchmark to assess adequacy.
panel_03_slip · PRE_QUOTE
QUERY
2. Request insured / OA corporate & financial pack
No IIP, financial statements or entity structure provided for the Owners Association or Kingfield management entities.
panel_02_insured · PRE_QUOTE
CONFIRM
3. Confirm remediation of two open survey findings
Diesel generator day-tank secondary containment/bunding, and fire pump weekly testing duration (currently 10 min, short of NFPA 25) — both flagged in the 23-Oct-2023 survey.
panel_05_cope · PRE_BIND
SUBJECT
4. Attach subjectivity: updated survey or no-material-change letter
On-file survey is dated 23-Oct-2023 (~2.7 years before the 11-Jul-2026 inception) — request an updated survey or written confirmation of no material change.
panel_10_data_quality · PRE_BIND
QUERY
5. Request sanctions screening confirmation
No sanctions screen status provided for the insured parties (Aldar Estates Investment SP LLC, Kingfield entities).
panel_03_slip · PRE_QUOTE
CONFIRM
6. Obtain status update on open 2023 rain-damage claim
AED 32,441 outstanding, status 'Awaiting invoices from the Client' per claims data — confirm loss adjuster progress before quote is finalised.
panel_08_loss_history · PRE_BIND
Grounded in data gaps & findings surfaced across P02, P03, P05, P08, P10, P11Confidence 65%