UAE to tighten insurance cover for ships flying its flag

DUBAI: The UAE is tightening insurance requirements for vessels registered under its flag, according to a government advisory, amid growing concerns over ships sailing without top tier cover in the event of an oil spill.

Ships typically have protection and indemnity insurance which covers liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.

About 90 percent of the world’s ocean going tonnage is covered by the 12 ship insurers that make up the International Group.