Insure direct partners AXA Gulf Insurance to launch Yacht Scheme for leisure craft, yachts
Insure direct (Brokers) LLC Dubai, Dubai World’s captive insurance broker, has partnered with AXA Gulf Insurance, leading Dubai-based multinational insurers, to jointly launch a comprehensive product for leisure craft and yacht owners, members of sailing clubs and associations as well as those participating in boat shows and exhibitions.
An agreement to this effect was signed recently by Kenneth George Maw, President and Chief Executive of Insure direct, and Pedro Mairos, Marine Development Underwriter (Gulf) of AXA Gulf Insurance. The new niche-specific insurance scheme has been launched in the context of the rapid increase and popularity of maritime sports and leisure that followed the development of a large number of waterfront, beachside and island communities in Dubai and the region.
Through the Yacht Scheme Insure direct is responding to the business potential of this exclusive, high-earning sector, which has a varied risk profile related to its facilities and activities.
Kenneth George Maw, President and Chief Executive of Insure direct, said: “We are pleased to be associated with AXA Gulf Insurance in co-branding a new product for an exclusive, fast growing, high-value sector. This comes from Insure direct’s special focus on niche-specific business. There has been a remarkable increase in the use of luxury boats and yachts in the region with risk factors at different levels. Our aim is to offer best possible insurance cover with minimum procedural formalities in all key areas of this sector. Insure direct has always been keen to ensure best value for our clients’ trust in us and we are confident they will find the new product meeting their expectations.”
Pedro Mairos, Marine Development Underwriter (Gulf) of AXA Gulf Insurance, said: “We are pleased to launch this product in association with Insure direct, who have a good reputation region-wide and are well placed to market the scheme successfully throughout the UAE. AXA Gulf Insurance has a proven track record of offering highly customer-oriented products. Our association with a leading player like Insure direct comes out of our commitment to deliver insurance products with highest customer value. This partnership is in response to the changing market trends, which has opened a new sector with tremendous potential. We are confident that a large section of the society will benefit from this new service.”
The Yacht Scheme provides comprehensive and third party liability insurance protection. It insures the boat, machinery and trailer against loss, damage or theft either at sea, whilst moored, kept on land or whilst in transit.
Third Party liability cover only is also available with limits of $250,000 or $500,000 ($1,000,000 could be considered if specifically required.)
It offers competitive premium rates and deductibles and a wide scope of cover. The documentation and administrative procedures have been simplified to ensure quick response as well as fair and faster claim settlement. Details of the scheme are available on Insure direct website www.insuredirect.ae.
Through the Yacht Scheme Insure direct is aiming to reaffirm its leading role in product innovation. The focus on innovation has helped Insure direct win high honours. The company was recently named Best Broker in the Middle East at the Euromoney Insurance Awards 2009 where it also won the Best Favourable Contracts and Best in Efficiency awards, proving its all-round service excellence.
Insure direct is strategically pacing expansion moves to deliver competitive and quality services in insurance and reinsurance sectors in the Northern Gulf, Saudi Arabia, Jordan, Iraq, Syria and Lebanon. It has set forward -looking plans to launch operations in the bigger markets of Asia and Europe.
AXA Insurance Gulf, with a workforce of more than 620 employees, 12 offices region-wide, a substantial customer base and a gross written premium of more than US$430m, is a major international insurer in the Middle East offering a wide range of insurance products and services for corporate and individual customers. It has grown into one of the largest and best known insurers in the Middle East with a winning combination of international expertise and local knowledge.
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