The Capital Market Authority (CMA) has prepared the first draft of the standard insurance policy for fishing boats and vessels, which will be made public to elicit feedback from stakeholders.
The standardised policy will help provide for a safer business environment for investors exploring opportunities in economic activities involving the use and operation of fishing boats and vessels. The initiative is in line with the government’s efforts under the Oman Vision 2040 strategy to bolster FDI inflows in the country The CMA has presented the policy to specialised panel with members from the Central Bank of Oman, the Finance and Insurance Committee of the Oman Chamber of Commerce and Industry (OCCI), representatives of Oman Development Bank, Omani Fishermen’s Society, Ministry of Agriculture, Fisheries and Water Resources and other relevant government agencies.
The overall goal of the standardised policy is to ensure basic insurance coverage for the owners of fishing boats and vessels from various perils and to compensate them for the loss or damage they incur to their fishing vessels and gear, as well as personal accidents or death of the owner or crew, in addition to any third party liability coverage.
The move aims to encourage fishermen to continue practicing their trade, which is an important source of national income. Improved coverage will provide a safe environment and create financing opportunities from banks and other financing institutions.
