- Blog
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by Admin
Being able to sail wherever you want in Dubai city and the UAE is a great way to escape from the busy life. But, then you will have to keep in mind that everything is perfect and you are protected from unexpected risks.
Imagine an emergency situation in the middle of the ocean. How will you react? It may put the safety of your vessel and people at risk. Your ideal holiday may get ruined in a moment despite all the expensive preparation you had planned. However, one thing can make you feel relaxed and that is if you have the right yacht insurance in Dubai. With boat insurance in place, you can take a deep breath, relax, and enjoy the trip realising that you are fully protected and hence safe from financial risks.
At Glamour Yacht we help you get the most comprehensive yacht insurance policy available once we understand your needs. You will need to give all the necessary information to start the process. The insurance company makes sure you are sufficiently protected from all types of risk when you are in the middle of the sea and goes the extra mile to ensure that you are completely satisfied.
Different Types Of Boat Insurance for Yachts for Sale in Dubai
The five main covers for boat insurance are listed below:
All Risk Comprehensive Insurance
Comprehensive Yacht Insurance provides comprehensive cover for loss due to all the risks and incidents, with the exception of those that are specifically kept out of the policy. This insurance has the widest coverage limits and is ideal for yacht owners who want to be sure they are fully covered in case of unexpected loss.
Third-Party Insurance
This policy protects the insured from any bodily injury or physical damage caused by a third party by paying for any legal liability involved in the accident as well as paying out for losses.
Loss Or Damage To Hull And Machinery
This boat insurance protects your boat and machinery from total loss or damage due to challenges of the navigable waters and other human risk factors associated with the functioning of the vessel.
Agreed Value Insurance
This is an agreement between the boat owner and the insurer on a specific yacht value. In the event that the vessel is found to have caused total damage, the agreed-upon amount is compensated.
Market Value Insurance
In the event of a total loss, the insurance company pays the full value of your yacht immediately. However, the settlement amount is typically lower than the established value because the insurance company takes into account depreciation as well as the overall condition of your yacht at the time of the incident.
Yacht Insurance for Outside Of UAE Vessels
The above boat protection plans are valid only within the UAE coastal waters. To get the most comprehensive coverage possible, you can select the optional extended geographical area cover that can be included with your existing plan. This will help you cover a larger area outside the country, so you will not have to worry about traveling outside the coastal waters of the UAE that come under standard coverage areas.
Who Needs Boat Insurance and Why?
If you are a yacht owner and engaged in any type of commercial, tourism, recreational and sporting activities using your yacht, you will have to be associated with the Maritime Code of the UAE authorities. All yacht owners have to be covered by yacht insurance. In the name of the vessel owner, manager, or bareboat charterer. This ensures the highest level of maritime safety and secure navigation while you are in the middle of the sea. If you fail to obtain insurance coverage for your yacht, it may lead to a hefty penalty.
If you find this entire process very complicated, then you can reach out to us for immediate help. We are one of the most trusted yacht brokers in Dubai offering all necessary support to complete the process. If you are planning on taking your yacht out in the middle of the sea for a cruise, you will have to make sure you have the right insurance coverage. Else you will end up with huge penalty charges and all your vacation time moments will get wasted.
