Muscat: Madayn (The Public Establishment for Industrial Estates) organised on Tuesday a discussion on ‘Safety and security requirements and challenges of insurance coverage provision for industrial units’.
A number of public and private bodies participated in the session including the Civil Defence and Ambulance Authority, Public Authority for Social Insurance, Capital Market Authority, insurance companies, and companies and factories based in Madayn’s industrial cities.
The discussion session underlined the safety and security requirements in the industrial units; occupational accidents, injuries and diseases; and the significance of safety and security equipment and solutions in the workplace.
Moreover, the session highlighted the reasons of insurance coverage refusal by insurance companies; key insurance coverages and products available for industrial units; challenges faced by insurance companies in covering industrial establishments; legal provisions that hinder insurance companies and modification recommendations for the Capital Market Authority; reinsurance agreements and risk assessment procedures and property valuation in the industrial units.
It furthered discussed requirements of insurance companies regarding security and safety facilities; incentives and promotional offers that insurance companies can provide to the industrial units that comply with occupational health and safety standards; in addition to insurance coverage related recommendations. The event also highlighted the best practices and models in the provision of insurance coverage, and adoption of safety and security requirements, as well as underlined suggestions to unify the insurance policy among all insurance companies. — ONA
