or on a Current Market Value basis as required. The Policy is written in a ‘plain language’ style, which is far easier to understand than the traditional marine insurance policy and avoids technical jargon as much as possible.
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Coverage is available for Yachts and Pleasure crafts, built by professional manufacturers that operate in the coastal waters of U.A.E, Arabian Gulf and Gulf of Oman. These are vessels primarily used for pleasure purposes.
Any person who owns a boat or yacht and intends to operate it for pleasure purposes.
The insurance coverage can be provided on an Agreed Value or on a Current Market Value basis as required. The Policy is written in a ‘plain language’ style, which is far easier to understand than the traditional marine insurance policy and avoids technical jargon as much as possible. Cover is subject to Institute Yacht Clauses and various policy wordings.
Liability towards passengers normally included in the Third Party Coverage subject to a limit to be agreed.
Yachts and pleasure crafts insurance is a type of insurance that provides coverage for vessels used for leisure and recreational purposes in the UAE. This insurance policy is essential for yacht and pleasure craft owners as it provides financial protection against unexpected losses and damages that can occur during their use.
The coverage provided by yachts and pleasure crafts insurance includes damages and losses to the vessel, including the hull, machinery, equipment, and other components. This insurance policy also covers losses due to fire, theft, vandalism, and natural disasters. Additionally, it provides liability coverage for accidents involving the vessel and its passengers.
Yachts and pleasure crafts insurance is not mandatory in the UAE, but it is highly recommended for yacht and pleasure craft owners. This insurance policy provides peace of mind and financial security for owners, ensuring that they can enjoy their vessel without worrying about unexpected losses and damages.
The premium for yachts and pleasure crafts insurance in the UAE is calculated based on various factors, including the value of the vessel, the level of coverage required, and the owner's boating experience. 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.
Choosing the right insurance company for yachts and pleasure crafts insurance in the UAE is crucial to ensure adequate coverage and prompt claims settlement. Companies like Al Buhaira Insurance offer comprehensive coverage for yachts and pleasure crafts insurance, with competitive premiums and excellent customer service.
In conclusion, yachts and pleasure crafts insurance is a crucial insurance policy for yacht and pleasure craft owners in the UAE. It provides coverage for damages and losses, liability coverage for accidents, and financial security for owners. It is highly recommended that yacht and pleasure craft owners in the UAE consider purchasing yachts and pleasure crafts insurance to safeguard their investment and ensure they can enjoy their vessel without worrying about unexpected losses and damages.
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