The UAE confirmed today, Tuesday, that it will tighten insurance requirements for vessels flying its flag, amid growing concerns about ships sailing without first-class coverage and the risk of oil spills. New standards are aimed at protecting the rights of ships carrying the UAE flag.
On Friday, the UAE's Ministry of Energy and Infrastructure issued a circular requiring non-member insurance protection and indemnity companies of the International Group of P&I Clubs to meet several requirements, including providing evidence of membership in a recognized professional or regulatory body in the maritime transport field.
The circular noted that other requirements include "submitting a list of claims settled that exceed $10 million, or a list of the top five claims that have been settled or are in the process of being settled, with these documents to be submitted by June 30, 2023."
It also stated, "Copies of the insurance coverage certificate and certified financial statements, such as blue cards providing insurance coverage for oil pollution liability, must be submitted."
