The IA instructs the insurance companies to provide coverage for water-cycles

: 6/13/2012

Wednesday, June 13, 2012

 

The Insurance Authority (IA) issued a circular to all insurance companies licensed to operate in the State instructing them to report to the IA within three days whether they provide insurance coverage for water-cycles or not along with the policy specimen to ensure observing the provisions of the laws applicable in the State.  The IA indicated that the Executive Regulations of Law No. 7 of 2006 concerning the Licensing, Rental and Use of Water-cycles issued by Abu Dhabi government sets forth the licensing rules, procedures, requirements, term and method of registration of such water-cycles.  Furthermore, Article 5 of the Decision issued by the President of Abu Dhabi Executive Council No. 36 of 2007 on the issuance of the Executive Regulations of the said Law No. 7 of 2006, stipulates that in order to license a water-cycles, it must be fully insured by one of the insurance companies operating in Abu Dhabi.  It should be noted that Clause “a” of Article 8 of Law No. 11 of 2010 concerning the Licensing of Marine Crafts in the Emirate of Dubai stated that licensing or license renewal of any marine craft shall not be permissible unless an insurance policy covering the license term is procured with an insurance company operating in the Emirate of Dubai.     Such insurance must cover the liability of the marine craft owner for the damage that may occur to third parties as a result of using the marine craft.​

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