Navigating the world of marine insurance with InsuranceMarket.ae

Alfred, Brand Mascot at InsuranceMarket.ae

Published: Thu 24 Mar 2022, 9:00 AM

Last updated: Fri 25 Mar 2022, 9:27 AM

The UAE is a hub for world trade, and Dubai particular, thrives on a buoyant import-export business, with goods worth millions of dirhams passing through its ports and free zones daily. But is it always plain-sailing? Sadly, it wasn’t for one UAE vessel, the Al Salmy 6, which sailed from Al Mamriya Port on March 15 bound for Iraq, only to hit severe weather conditions in the Northern Gulf, and sink, with the loss of three of its crew and its cargo. We wondered whether such events can be insured, so we asked the experts at InsuranceMarket.ae for their insights.

“Marine Insurance is a widely-available product in the UAE with many leading insurers offering a range of coverages”, said Rachel Al Mughairi, chief engagement officer at InsuranceMarket.ae. “What many people don’t know is that despite the name, marine insurance doesn’t only cover shipments sent by sea. Policies can cover road, rail and air too: meaning that goods are covered comprehensively from departure to final destination. And with coverage for both domestic and international shipments, dealers from all demographics can avail these policies”, she concluded.

Avinash Babur, CEO of InsuranceMarket.ae, commented: “We’ve seen a significant surge in the distribution industry which started during the pandemic, and online shopping is now in the ascendency. This shift from less in-person shopping to more remote purchasing via device has meant a higher number of shipments to and from the UAE and increased traffic on the roads to distribute goods to suppliers and direct consumers. Broad marine insurance picks up such risks, making it invaluable for any import, export or distribution business with marine cargo insurance specifically covering those seeking to protect the transit of their stock”, he added.

So, don’t be “all at sea” when it comes to covering your goods. Whether your business is large or small, contact InsuranceMarket.ae and find out how marine insurance can help.