Commercial vessels involve a variety of crafts, operating either in Arabian Gulf, Gulf of Oman, Arabian Sea, and Indian Ocean or worldwide, whether a fleet or single vessel, we insure both the physical loss and damage to Hull & Machinery and Collision Liability arising out of the ownership and/or operation of vessels as per London Institute Hull Clauses
Coverage can range from ‘Hull & Machinery’ and Total Loss as per London Market institute time clauses depending upon the needs of our clients and risk evaluation. The insurance coverage is on an Agreed Value basis.
There are other coverages available. We shall be happy to provide you with further details as and when required
Marine Hull Insurance is a type of insurance policy that provides coverage for physical damage to vessels and boats used for commercial or private purposes in the maritime industry in the UAE. This insurance policy covers the financial losses that may result from damage or loss to the insured vessel or boat.
The maritime industry in the UAE includes activities such as shipping, transport of goods, offshore exploration, and leisure activities such as yachting and boating. These activities involve various risks that can result in significant financial losses, including damage or loss to vessels and boats. Marine Hull Insurance provides financial protection against such losses, ensuring that vessel owners can operate their vessels with peace of mind.
The coverage provided by Marine Hull Insurance includes protection against physical damage to the insured vessel or boat, including damage caused by natural disasters, collisions, and human error. The insurance policy also covers the cost of salvage operations and the removal of the vessel from the water in case of an accident.
Marine Hull Insurance is not mandatory in the UAE, but it is highly recommended for vessel owners who want to protect themselves from 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 Marine Hull Insurance, 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 Marine Hull Insurance coverage with competitive premiums and excellent customer service. With Al Buhaira Insurance, vessel owners in the UAE can operate their vessels with confidence, knowing they have adequate financial protection against unexpected losses.
Here are some frequently asked questions about Marine Hull Insurance in the UAE: