Dubai Islamic Insurance and Reinsurance Company (Aman), a leading Islamic Insurance provider in the UAE, is showcasing its line of insurance products for high-end luxury pleasure crafts at the Dubai International Boat Show.

Organised by Dubai World Trade Centre (DWTC), DIBS is being held from March 13 to 17, 2012 at the Dubai International Marine Club, Mina Seyahi.

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, sue and labor expenses and salvage costs, among others.

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, 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.

“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. – TradeArabia News Service