Qatar Insurance Company (QIC) has partnered with the Qatar International Boat Show (QIBS) to support the country’s growing maritime market.
The QIBS, which concluded yesterday, served as a maritime industry networking platform and was graced by dignitaries and exhibitors of motor yachts and fun boats.
QIC was among the exhibitors showcasing its experience and expertise in insuring boats and yachts with tailor-made insurance solutions.
As QIBS’ insurance partner, QIC supported the show by setting safe standards within the international boating circuit and promoting awareness about safe and secure sailing through the Arabian waters (including Qatari waters).
Ali al-Fadala, senior deputy group president and CEO of QIC Group, said: “Owing to Qatar’s growing waterfront developments and inclination towards owning luxury boats, our dedicated marine team has crafted innovative insurance solutions to secure and protect the burgeoning needs of the marina to support Qatar in becoming a leading yachting destination across the region.”
During last year’s QIBS, 10 boats were sold for QR100mn, which further reinstates the existence of a captive market and growing demand for leisure boats from both Qataris and the country’s expanding expatriate population.
A luxury boat is a valued asset and symbol of success. Like any major investment, luxury watercrafts (boats and yachts) also need the right insurance coverage.
QIC offers two kinds of yacht insurance covers: all-in-one cover, which protects a boat from marine perils and liabilities called “own damage plus third party liability”, and the standalone third party liability cover.
As third party liability is imposed as a requirement by the marinas, most of the boat owners purchase a minimum third party liability insurance cover.
However, the boat, its engines and contents or personal effects like expensive fishing equipment remain uninsured and are vulnerable to marine perils like rough sea, fire, theft, sinking and collision, among others.
With own damage plus third party liability cover, boats and its contents are protected from loss or damage. It also protects against third party liability that you may incur from the usage of the boat.
To promote awareness towards protecting and insuring boats and yachts from marine perils, QIC has introduced an online facility for renewing yacht insurance policies for its existing customers (own damage and third party liability only policies), making it convenient for them to renew their policies from the comfort of their homes or yachts.
New customers would need to complete an application form and agree on the terms and conditions of boat/yacht insurance for the first year and in the subsequent years, they could renew their policies online.
New prospective customers could either visit QIC or submit their enquiries and completed proposal forms by e-mail.