AMAN Insurance showcases full protection insurance products for pleasure craft owners

March 15, 2012 - PRLog -- Dubai Islamic Insurance and Reinsurance Company (AMAN Insurance), the largest Islamic Insurance provider in the UAE, is showcasing its strategic line of full protection insurance products for high-end luxury pleasure crafts in the UAE, Arabian Gulf and the Gulf of Oman, at this year’s edition of the Dubai International Boat Show, an event organized by Dubai World Trade Centre (DWTC), which is being held from March 13th to 17th, 2012 at the Dubai International Marine Club, Mina Seyahi. The company’s move to throw the spotlight on its insurance products follows recent industry reports positioning the UAE as a leading regional hub for luxury yachts and smaller type vessels in the Middle East and African (MEA) region.

AMAN’s Pleasure Craft Insurance policy offers strategic features like the provision of full coverage on an ‘Agreed Value’ or on a ‘Current Market’ value basis as required and subject to Institute Yacht Clauses. Coverage for the policy will include physical damage to the boat’s hull, machinery and installed equipment including outboard motors if specifically declared and agreed by the underwriters; sue and labor expenses; salvage costs; collision liability; liability to third parties arising out of ownership or use of the vessel; removal of wreck expenses and primary personal effects. Extension of coverage also includes loss of damage to personal effects on a specified limit; loss of damage to a road trailer and liability towards passengers.

“We are aiming to increase the awareness of the importance of purchasing a full-coverage insurance policy for luxury boats,” said Hussein Al Meeza, Chief Executive Officer and Managing Director, Dubai Islamic Insurance and Reinsurance Company (AMAN). “The presence of a Pleasure Craft Insurance product acts as a safety net for yacht owners in case of accidents, liabilities and damages incurred by the yacht. Recent reports that have shown a strong demand for luxury boats in the region allow us the confidence to leverage our diverse range of strategic and full coverage solutions for the owners of these high-end vessels.”

The UAE has recorded an average annual demand of around 1,500 high-end marine luxury boats in the country. The strong growth of this segment has also driven in massive investments directed towards the development of more marina based facilities as exemplified by Abu Dhabi’s move to harbor as many as 10,000 recreational boats, which is also part of the UAE capital’s 2030 growth vision. Industry estimates have also shown that one out of 350 people in the UAE owns a boat.

Also, a recent study made by Euromonitor International, the world leader in strategy research for consumer markets, has shown that UAE nationals and residents spent more per head on luxury goods than any other country. In fact, more than 70 per cent of the world’s top ten superyachts and close to 30 per cent of the top 100 are owned by individuals from the Middle East. The study also further reveals that the Gulf region is poised to see further increase in yacht population and ownership, owing to several factors, among them are the increase in the number of high net worth individuals and more confidence in the quality of infrastructure and after-sales support for vessel owners.

“We continue to remain steadfast in our commitment to provide our customers with comprehensive Shariah compliant insurance solutions. Our integrated suite of insurance products like our Pleasure Craft Insurance policy aims to provide the much needed support, security and protection required by the UAE luxury yacht community,” concluded Al Meeza.

About AMAN Insurance
Dubai Islamic Insurance & Reinsurance Company (AMAN) was established in the second quarter of 2002 as a promising national public shareholders company, announcing the beginning of a new era in Islamic insurance in the UAE. AMAN’s founding members consist of key investors, which include Dubai Islamic Bank and The investment Office. The company aims to offer a comprehensive system of outstanding Islamic Insurance Services that support the stability and security of the UAE community. As a national Islamic company, Aman investment and insurance activities are conducted in accordance with Shariah guidelines under the supervision of the Fatwa and Shariah Supervisory Board whose members are specialists in Islamic economic and Shariah transactions.