Insurance Unit Updates Model for Marine Unit Accidents

The Insurance Regulation Unit updated the General Directorate of Coast Guard at the Ministry of Interior’s model for reporting incidents involving marine units (Small Vessels Department), as part of ongoing cooperation between the Unit and government entities to facilitate the procedures for issuing insurance documents for establishments and marine units.

The Insurance Regulation Unit clarified in a circular that the update was made at the request of the General Directorate of Coast Guard, and in accordance with the provisions of Law No. (125) of 2019 concerning the regulation of insurance and its executive regulations and amendments. The Unit mandated all licensed insurance companies to use the updated form and attach it when issuing insurance policies against liability arising from marine unit incidents.

The Unit emphasized that the new form, approved by the General Directorate of Coast Guard, replaces any previous forms previously circulated for this purpose, and stressed the necessity for insurance companies to complete the form and submit it to the insured party to finalize procedures with the General Directorate of Coast Guard in accordance with approved mechanisms.

The Insurance Regulation Unit stressed the obligation of all companies subject to the circular’s provisions to comply, noting that non-compliance authorizes the Unit to take legal action against violating companies.