The Insurance Authority called on the money and control sector to participate in raising visuals and observations regarding the draft amendment of “marine insurance coverage instructions” during the period 1-22/June/2025, noting that the project aims to amend the instructions of maritime insurance coverage in a way that enhances market flexibility and its ability to provide insurance products commensurate with the nature of marine units.
The draft amendment included that the place of maritime insurance in mandatory coverage is the responsibility of the insured towards the third party for the costs, losses and damage that incurred it as a direct result of the operation process the insured ship that the insured recorded as an owner or a rented during the period of the insurance policy, provided that the insurance policy is in the name of the owner or tenant of the ship.
The project contained deleting the responsibility of maritime units towards the third party from death, physical injury, material damage, and the environment that may result from the unit from the scope of marine insurance coverage instructions in order to enable the market and enhance its flexibility in providing insurance that corresponds to the nature of the marine units.
The project contained that the insured does not ask any claim that arises from (operating the ship in a way that violates the permissible limits from the licensed authority in relation to “speed – engine power – passenger capacity”, operation and use of the ship without a valid shipping license ”, unless it is agreed on the contrary.
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