QIC partners with boat show to support maritime market

• Published date: 15 November 2014
• Publication title: Gulf Times

Qatar Insurance Company (QIC) has partnered with the Qatar International Boat Show (QIBS) to support the country's growing maritime market.

The QIBS, which concluded yesterday, served as a maritime industry networking platform and was graced by dignitaries and exhibitors of motor yachts and fun boats.

QIC was among the exhibitors showcasing its experience and expertise in insuring boats and yachts with tailormade insurance solutions.

As QIBS' insurance partner, QIC supported the show by setting safe standards within the international boating circuit and promoting awareness about safe and secure sailing through the Arabian waters (including Qatari waters).

Ali alFadala, senior deputy group president and CEO of QIC Group, said: "Owing to Qatar's growing waterfront developments and inclination towards owning luxury boats, our dedicated marine team has crafted innovative insurance solutions to secure and protect the burgeoning needs of the marina to support Qatar in becoming a leading yachting destination across the region."

During last year's QIBS, 10 boats were sold for QR100mn, which further reinstates the existence of a captive market and growing demand for leisure boats from both Qataris and the country's expanding expatriate population.

A luxury boat is a valued asset and symbol of success. Like any major investment, luxury watercrafts (boats and yachts) also need the right insurance coverage.

QIC offers two kinds of yacht insurance covers: allinone cover, which protects a boat from marine perils and...