At Seib Insurance, we understand that your yacht, boat, or jet-ski not only represents a significant financial investment, they’re also your pride and joy. We are here to protect your prized assets and most important of all, you, and your passengers
What is a vessel?
Vessel (Yacht/Boat/Jet Ski) means the hull, machinery, boat(s), gear, and equipment.
What are the significant features and benefits of this product?
This product is designed to protect your vessel from insured perils. It is a combination of:
- Property (Material Damage): physical damage to insured hull and materials, engines and machinery, electrical and navigational equipment, fixtures, and fittings
- Third Party Liability: legal liability to pay compensation in respect of accidental loss or damage to any other vessel or property, loss of life, personal injury or illness, removal or destruction of wreck resulting in legal costs
Why should I buy a Yacht/Boat/Jet Ski policy?
This insurance is designed to help protect your vessel and your guests from the potentially high cost of accident-related damages or injuries.
How is the premium calculated?
Premium is calculated on the sums insured, and a combination of the option you opted for your vessel insurance with any additional cover you selected.
What impacts my policy premium?
When calculating the Premium, the following factors are considered:
- Age of boat
- Geographical limit
What is the period of insurance cover?
One year (365 days) from the date of policy issuance unless a different period of insurance was agreed with you specifically.
Is my insurance policy renewable?
Yes, your insurance policy is renewable. Seib Insurance will make best efforts to notify you before the renewal date. You can contact us at +974 4402 6888 during operating hours between 8am and 5pm, Sunday to Thursday (excluding public holidays), to arrange for renewal terms or visit our offices located at Airport Road, Doha Qatar.
What is a deductible?
A deductible is the first amount of the loss that has to be borne (paid) by you.
Is there any exclusion under my insurance?
Yes, but it is difficult to list all exclusions here. However, below are some of the exclusions which are generally not covered:
- Ordinary wear and tear: gradual deterioration or normal exposure to the weather
- War, civil war, invasion, acts of foreign enemies, hostilities, or war-like operations
- Any act of terrorism
- Outboard motor dropping off or falling overboard
For other applicable exclusions please refer to your policy terms and conditions.
What are some of the key terms and conditions that I should be aware of?
Some of the key terms and conditions that you should be aware of are:
1. Duty of Disclosure
You should make sure that you have declared all relevant information at the time of purchase of insurance cover.
2. Duty of Care
You must at your own expense take all reasonable precautions to prevent loss or damage and must further comply with statutory requirements.
3. Navigating and Charter Hire Warranties
It is warranted not to navigate outside the limits stated in the policy schedule. The vessel insured is to be used solely for private purposes and not for hire.
4. Speed Warranty
It is warranted that the maximum designed speed of the vessel does not exceed 17 knots
5. Notification for Change in Risk
In case of any material change like change of sum insured, navigational area, ownership etc. as originally advised. Such aspects to be immediately notified to your insurer to make sure that you remain fully protected.
6. Emergency Action
It’s important that you are aware of all relevant authority contacts in case you need to notify the relevant authorities i.e. Fire Brigade, Police, Health Department, etc.
7. No Admission of Liability
You should not admit liability, offer, promise, or pay any claimant without Seib Insurance’s prior written consent.
8. Claim Notification
In case of a loss/damage, you should notify Seib Insurance of claim as soon as possible and cooperate in full to complete the claims transaction in shortest possible timeframe
Where can I buy Seib Insurance Yacht/Boat/Jet Ski Policy?
You can purchase our Yacht/Boat/Jet Ski Insurance Policy through our website or our Mobile Application. Alternatively, you may visit our office located at Old Airport Road, Doha to purchase a policy.
How and when can I pay the premium?
Premium is due with your application to arrange and activate the insurance policy. In respect of policy renewals, payment is required prior to the renewal/expiry date. The insurance premiums can be paid by debit card, credit card, bank transfer and cash up to QAR 1000 (one thousand Qatari Riyals) paid at Seib Insurance office only. Payment by cheque is accepted subject to realization of the cheque.
Will I receive my policy documentation?
Yes, your policy documents will be emailed to your registered e-mail address, or an original copy could be delivered or collected from our office premises. The confirmation of coverage will include policy information such as your unique policy number, policy effective date, benefits, terms and conditions, limitations, exclusions, and other important information.
What is the procedure for reporting any change in my previously submitted information?
In case of any changes in your earlier submitted information or the policy, you may contact us on +974 4402 6888 during business hours (between 8am and 5pm, Sunday to Thursday (excluding public holidays)) for our review of the newly submitted information in order to make necessary amendments to your Policy.
I have lost the insurance policy. Can I get a duplicate?
Yes, we can provide you with a duplicate copy of your policy for a nominal fee of QAR 10.
What should I do if the policy expired?
Seib Insurance will make best efforts to notify you before the renewal date. You can contact us at +974 4402 6888 during operating hours between 8am and 5pm, Sunday to Thursday (excluding public holidays), to arrange for renewal terms or visit our offices located at Airport Road, Doha Qatar.
How can I cancel my insurance policy? Will I get a refund of premium?
You can cancel the policy; however, the refund of premium will be on short period rates provided you have not made any claim under this policy. Please refer to the terms of business agreement for complete details or contact us on +974 4402 6888.
What to do in case of a loss or damage?
To make a claim, please download our claim form, complete it with full particulars and full facts of the claim including the date/time of its occurrence, detailed circumstances, and extent of loss, and submit it with any supporting documents as soon as reasonably possible but within 15 days of the loss or damage.
For assistance, please contact us at +974 4402 6888 during working hours between 8am and pm, Sunday to Thursday (excluding public holidays).
How can I file a complaint?
Should you have a complaint about deficiency in the services or the products offered, please contact our Compliance & AML Manager by phone on the following numbers: (+974) 4402 6807 or (+974) 4402 6888 or by mail to the following postal address: Seib Insurance and Reinsurance Company, P.O. Box 10973, Doha Qatar, or by email to email@example.com, setting out clearly the exact details of your complaint.
We handle customer complaints fairly, efficiently and with due diligence as per the complaints procedure. If you remain dissatisfied with our response, you have the right to refer the complaint to the QFC Customer Dispute Resolution Scheme either by email to firstname.lastname@example.org or by post to “The Customer Dispute Resolution Scheme”, P.O. Box 22989, Doha Qatar.