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Types of Yacht Insurance
Agreed Value Insurance
This involves the owner and the insurer agreeing on a specific value for the yacht. In the event of a claim made as a result of the vessel being declared a total loss, the agreed value is reimbursed.
Loss or Damage to Hull and Machinery
This type of insurance protects the body and machinery of your boat against total loss or physical damage due to perils of the navigable waters and other human risk factors associated with operating the vessel.
All Risk Comprehensive Insurance
Comprehensive Yacht Insurance provides cover for loss arising from all perils and incidents except those that are specifically excluded in the policy. This type of insurance offers the widest coverage range.
Market Value Insurance
This insurance pays out the actual cash value of your yacht in case of a complete loss. The compensation is usually less than the agreed value because the insurer takes into account depreciation as well as the general condition of your yacht at the time of the incident.
Third Party Insurance
This policy indemnifies the insured against bodily injury or physical damage caused to a third party by compensating for any legal liability as well as paying out for damages.
Why Buy Yacht Insurance from Souqalmal.com?
Why Buy Yacht Insurance from Souqalmal.com?
Souqalmal.com brings you quotes from multiple insurers and the best rates on Yacht Insurance policies in the UAE. We help you better understand your options and make the best choice. Take advantage of our free online quote comparison widget to choose the cover you need, at the most competitive price.
Simply fill out a single form to instantly compare premium rates and coverage extent from over 5 top Yacht Insurance providers in the UAE. We also help customize a policy that caters to your specific needs. Buying Yacht Insurance with us is a great way to make sure you’re getting the best deals, discounts and value for your money.
Which UAE Yacht Insurance Companies Do We Work With?
UAE Yacht Insurance Companies We Work With
Union Insurance
Union Insurance is one of the leading insurance company in United Arab Emirates. Find suitable medical insurance, health insurance, motor insurance, life insurance deals for you.
Al Sagr
Al Sagr National Insurance Company (ASNIC), Dubai, was incorporated in 1979 and has branches all over the UAE as well as large scale insurance interest in KSA and Jordan. Al Sagr offers a wide marine hull and machinery insurance cover for ocean going vessels as well as vessels operating in the coastal waters.
SALAMA
SALAMA - Islamic Arab Insurance Company was established in Dubai in 1979 as a provider of Shari'ah compliant Takaful solutions around the globe. SALAMA serves both individual and institutional customers through its extensive global network. Their Yacht Insurance division offers limited as well as comprehensive hull and machinery, collision and legal liabilities cover against loss or physical damage.
Watania
National Takaful Company (Watania) PJSC was founded in 2011 with an objective to meet the demand of the UAE market for Shari’ah compliant insurance products. It is headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange. In the Yacht Insurance sector Watania provides comprehensive marine hull cover for all types of vessels.
Wathba
Al Wathba National Insurance Company (AWNIC) PJSC was incorporated in Abu Dhabi in 1996 with the aim to efficiently underwrite all types of general insurance products and is supported by a panel of highly rated international reinsurers. Their Yacht Insurance policies are designed to cover your vessel if damaged, destroyed or stolen and to protect you against any third party liability claims. They also offer a wide range of extensions at an additional premium.
FAQs
FAQs
We answer some of the most commonly asked questions about Yacht Insurance.
Yacht Insurance is a type of insurance policy that provides indemnity cover on pleasure crafts, mega yachts and commercial yachts for accidental loss, damage or injury. Yacht Insurance not only safeguards your vessel, it ensures that other vessels, your passengers and anyone else you may come in contact with are adequately protected.
A Yacht Insurance Policy typically covers the following (unless specifically excluded in the policy):
-Perils of the navigable waters
-Fire, jettison, piracy, explosion and malicious acts
-Natural disasters like earthquakes, volcanic eruptions or lightning
-Collision with dock or harbor equipment and accidents while loading and unloading
-Latent defects in hull or machinery
In accordance with the Maritime Code of the UAE federal government, all recreational, commercial, sports, tourism and traditional marine crafts need to be insured in the name of the owner, manager or bareboat charterer. This underwriting was endorsed to guarantee the highest levels of maritime safety and secure navigation uniformly. Failure to obtain an insurance policy for your yacht could lead to hefty fines.
The Yacht Insurance cover is typically valid only within the coastal waters of the UAE. For better coverage, you can choose the optional extended geographical area cover to go with your existing policy.
Our Yacht Insurance partners aim to provide the highest standards of fair and quick customer service. In case of an incident, refer to your policy document for the procedure and documentation required to file a claim. Additionally, you can get in touch with the claims manager through the insurer’s toll free number or email for more details on how to proceed with a claim.
Additional Covers That You Can Opt for with Your Yacht Insurance
Additional Covers
Extended Geographical Area Cover
Yacht Insurance policies restrict the geographical territory within which your policy is valid. This optional extra broadens the navigational limits of your yacht.
Personal Accident Cover
The personal accident cover protects the insured persons against accidental bodily injury, death or disablement while onboard.
Towing for Watersports Cover
Pull tubes, wakeboarders and water skiers require additional insurance cover. This option provides cover for your legal liability to compensate death or physical injury to a person being towed by your boat.
Commercial Use Cover
This is a specialized cover for businesses that manage commercial and charter yachts, or rent out boats.
Emergency Services Cover
This includes search and rescue as well as towing and assistance in case of an emergency.
Personal Effects Cover
This extension covers all items of personal effect carried on-board, lost or damaged due to perils of the sea, fire, theft, collision or malicious acts. This extension covers all items of personal effect carried on-board, lost or damaged due to perils of the sea, fire, theft, collision or malicious acts.
Protection and Indemnity Cover
This is a collision and liability cover that protects the yacht owner against legal liability which may arise due to collision and damage to third party when the payout from third party liability cover is insufficient.
Land Transit Cover
This insurance category covers the vessel whilst in transit between the marina and the owner’s residence and vice versa, through land. This insurance category covers the vessel whilst in transit between the marina and the owner’s residence and vice versa, through land.
Uninsured Boater Cover
This compensates for injuries to a person on-board the insured boat caused by an another boat that has no liability insurance.
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