QIC, Official Insurance Partner of QIBS speaks on Pleasure Craft Insurance
Qatar Insurance Company (QIC), Qatar’s largest flagship insurer partnered with Qatar International Boat Show (QIBS), the premier yachting lifestyle event that was staged at the picturesque Lusail Marina between 11th-15th November to support Qatar’s promising maritime market, which is one of the largest contingents of potential buyers of maritime luxury products in the Middle East. Needless to say, the high-brow event served as an ideal maritime-industry networking platform and was graced by the presence of excellences, VVIPs, dignitaries’ and exhibitors of motor yachts and fun boats.
QIC, a pioneer in delivering marine insurance solutions was a proud exhibitor showcasing its experience and expertise in insuring boats and yachts with tailor made insurance solutions. Being QIBS’s chosen insurance partner, QIC extended its support to 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).
Speaking on this occasion, Mr. Ali Al Fadala, Senior Deputy Group President & CEO of QIC Group stated, “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 a value of QAR 100 million, which further reinstates the existence of a captive market and ever-growing demand for leisure boats from both Qataris and the country’s expanding expatriate population.
A luxury boat is a valued asset and is 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 your boat from marine perils and liabilities, called Own damage plus third party liability and the stand alone third party liability cover.
Since 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-personal effects like expensive fishing equipment remain uninsured and are vulnerable to marine perils like rough sea, fire, theft, sinking, collision etc. With Own damage plus third party liability cover, you can protect your boat and the contents inside boat (like fixtures) from loss or damage. The cover also protects you 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 email.
QIC also provides tailor made insurance solutions for Jet Ski owners.