Qatar Insurance Company (QIC), Qatar’s largest flagship insurer partnered with Qatar International Boat Show (QIBS), the premiem luxury yachting event that was inaugurated on 10th November by H.E. the Minister of Economy and Trade, Sheikh Ahmed bin Jassim bin Mohammed Al-Thani. The high-brow event that is staged at the picturesque Mourjan Marinas in Lusail City, from 11th-14th November showcased Qatar’s promising maritime market and efforts in positioning Qatar as a world class tourism hub for business and leisure.
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 solutions. Being QIBS’s official insurance partner for the second consecutive year, QIC extended its support to the prestigious boat 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).
Mr. Salem Al Mannai, Deputy Group President & CEO – MENA Region stated, “It is indeed very pleasing to see an increasing demand for owning luxury boats in Doha, both by Qataris and expatriates alike. The conveniences of mooring at the Pearl and Lusail and Qatar’s high income per capita have added to the growth of the nautical sector.”
Speaking on the important role of being the Official Insurer of the QIBS, Mr. Mannai remarked, “Every yacht is unique. Bearing that in mind, our marine team has crafted tailor made insurance solutions to secure and protect these symbols of luxury so that yacht owners can enjoy their passion and cherish a memorable, nautical experience.”
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 like expensive fishing equipment remain uninsured and are vulnerable to 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, QIC has introduced an online facility for renewing boats & yacht insurance policies for its existing customers (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 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.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of 50 years and an underwriting footprint across the Middle East, Africa and Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A(Excellent) from A.M. Best. In terms of profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization of USD 4 billion. For further information on QIC, please visit: www.qatarinsurance.com.