Saturday, November 4, 2023

UAE enhances insurance coverage for flagged ships

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The United Arab Emirates (UAE) has issued a government advisory that tightens insurance requirements for vessels registered under its flag. This move comes amid growing concerns over ships sailing without top-tier cover in the event of an oil spill. Typically, ships have protection and indemnity insurance, which covers liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage. The UAE’s Ministry of Energy and Infrastructure has stated that P&I insurers outside of the International Group (IG) that cover UAE-flagged ships will need to meet a number of requirements. These include providing evidence of membership of a recognised maritime-related professional agency or regulatory body. Other requirements include providing details of the five largest settled claims or details of claims over $10m. The advisory also stated that applications needed to be submitted before 30 June.

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