CMA prepares draft standard insurance policy for fishing boats and vessels

Muscat: The Capital Market Authority (CMA) has completed the preparation of the first draft of the standard insurance policy for fishing boats and vessels and will receive feedback and observations from all the stakeholders.

The move comes to furnish a safe investment environment for the various economic sectors and to incentivize the productive sectors to achieve the Oman Vision 2040.

The CMA has presented the policy to specialised work team comprising members from the Central Bank of Oman, the Finance and Insurance Committee of the Oman Chamber of Commerce and Industry, representatives of Oman Development Bank, Omani Fishermen Society, Ministry of Agriculture, Fisheries and Water Resources and relevant government agencies to provide basic insurance coverage for the owners of fishing boats and vessels from the perils and to compensate them for the loss or damage they incur in the fishing vessel and gear as well and personal accidents and death of owner or crew in addition to third party liability coverage.

The move aims to encourage the fishermen to continue practising the business which is one of the major sources of income in the Sultanate of Oman as the coverage will provide a safe environment and will create financing opportunities from the banks and other financing institutions besides mitigating the losses.