The UAE treats its ships and P&I services as a cohesive unit
The UAE Ministry of Energy and Infrastructure (MOEI UAE) has issued a circular requiring non-member of the International Group of Protection and Indemnity Clubs (IG P&I Clubs) to provide additional information to regulators if they insure any UAE-flagged ships.
This move reaffirms the Ministry’s unwavering commitment to upholding rigorous standards and driving the progress of the maritime sector around the world.
According to the circular, non-members of the IG P&I Clubs are required to demonstrate that they have a minimum S&P Global rating of ‘A’ and provide a list of claims exceeding US$ 10mn, or details of the five largest claims they have handled, including information on whether they have been settled or are still in reserve, before the 30 June 2023.
Additionally, these clubs must have a claims settlement authority that is equal to or higher than the policy limit they offer; and provide copies of the Certificate of Insurance, approved financial certificates such as Blue Cards, and MLC (Maritime Labour Convention) Certificates.
“By prioritising stringent P&I standards, we ensure the safety, financial security, and environmental stewardship of our maritime activities, attracting reputable investors, fostering trade partnerships, and creating a conducive business environment,” remarked HE Eng. Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs, MOEI UAE.
The Ministry’s decisive steps to enforce stringent requirements for all P&I clubs will ultimately safeguard the interests of ship owners, managers, and operators, as well as port authorities, and crew members, a Ministry press communique concluded.