?? Saudi Central Bank's New Marine Insurance Coverage Instructions - A Regulatory Game-Changer ??
Transport, Logistics and Insurance - Al Tamimi & Company - MENA
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The Saudi Central Bank issued Marine Insurance Coverage Instructions (the Instructions) on 4 October 2023. The Instructions outline the requirements on compulsory marine insurance coverages, the general obligations placed on the insureds and insurers, together with provisions on limitation period, dispute resolution, exceptions, compulsory insurance coverage limits, and so on.
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Importantly, the Instructions confirm the liabilities for which compulsory marine insurance coverages must be obtained in Saudi Arabia, including those of the operators of a vessel to the third party, to the vessel crew, for removing the wreck, and for risks arising from pollution caused by the vessel’s fuel oil. Another important provision under the Instructions is around the limitation period which is confirmed to be two (2) years.
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The issuance of the Instructions demonstrates SAMA’s continuing effort to support the developments in the insurance industry and strengthen the regulatory regime.
For further insights or queries on how this might impact your business or operations, connect with our expert Insurance lawyers, Anand Singh and Di Melody Huang / 黄迪 .
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