I want some advice on boat insurance. I am an expat and have bought a 7-metre fishing boat. I now need insurance so that I can register it. The value of the boat is going to be somewhere between Dh50,000 to Dh80,000. Can you suggest how to find a reputable agent in Abu Dhabi? I am going to buy a vehicle soon and I will want to go with the same insurance company for the car as I have for the boat. CC, Abu Dhabi
There are a number of insurance companies that offer marine insurance, although some focus on the corporate market rather than pleasure boats. There is an option to go direct to an insurance company such as Axa Gulf or RSA, but I would suggest speaking to a general insurance broker who is experienced in marine insurance as they will have access to a wide range of plans and will advise which policies are best according to specific requirements.
Wanting one insurance company to provide both motor and marine insurance may not be the best plan as a company that offers the best policy for a boat may not offer the best for the car.
It does not cost extra to use a broker to arrange these types of policies and you benefit from professional advice as well as having a point of contact if there are any problems.
All insurance companies and brokers must be regulated by the relevant professional government authority and for the types of policy in question, the main regulator is the UAE Insurance Authority. All companies and brokers should be listed on the website ia.gov.ae and companies can provide sight of a certificate of authority and reference number. It is always smart to check that any company you deal with is properly registered and is regulated by a suitable professional body, where relevant. I cannot recommend specific policies, but CC could also contact any of the sailing or marine clubs as they may be able to assist with personal knowledge and experience on which insurers are best.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with over 20 years’ experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE.
The advice provided in our columns does not constitute legal advice and is provided for information only.
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