Building ships is a large, complex undertaking, and undesired events can occur at any time. ABNIC’s Hull Builder’s Risk coverage insures builders or owners against physical loss or damage to vessels during the construction period.
Our Hull Builder’s Risk insurance policy covers collision liability as well as protection and indemnity (P&I) exposures during trial trips and can also be extended to cover delivery trips. To help simplify your risk management process, our coverage is provided on standard marine industry forms, and limits are offered on per-vessel and/or per-yard basis.
Covers a vessel owner’s liabilities arising out of the operation of vessels. Standard industry forms or pre-approved manuscript wordings are utilized, providing coverage for liabilities incurred as a result of damage to third-party property and injury to or death of crewmembers and third parties.
Marine Operators Legal Liability Insurance (MOLL) is a type of insurance policy designed to protect marine operators from financial losses resulting from legal liability claims. In the UAE, this insurance coverage is specifically tailored to protect marine operators involved in the maritime industry against claims arising from their operations.
Marine operators in the UAE can include ship owners, charterers, and operators of any vessels used in the maritime industry. These operators face numerous risks when conducting their operations, including accidents that can cause physical injury or property damage to third parties, environmental pollution, and collisions with other vessels.
MOLL insurance policies provide coverage for claims made against marine operators for legal liability resulting from their operations. This can include claims for bodily injury or death, property damage, pollution damage, and wreck removal. The policy also covers legal expenses incurred by the operator in defense of such claims.
Marine Operators Legal Liability Insurance is not mandatory in the UAE, but it is highly recommended for marine operators to protect themselves against unexpected financial losses. Insurance companies providing this type of coverage in the UAE must be licensed by the Insurance Authority, which regulates the insurance industry in the country.
When selecting an insurance provider for MOLL coverage in the UAE, it is essential to choose a reputable company with experience in the marine insurance industry. Al Buhaira Insurance is one such company that provides comprehensive MOLL coverage with competitive premiums and excellent customer service. With Al Buhaira Insurance, marine operators in the UAE can operate their vessels with confidence, knowing they have adequate financial protection against unexpected legal liability claims.
Here are some frequently asked questions about Marine Operators Legal Liability Insurance (MOLL) in the UAE: