Covering the same Risk under Multiple Insurance Policies
The concept of insurance depends on the participation of a group of persons, whether physical or corporate (the insured), that distribute the risks that may result from specific events. The insureds pay pre-determined contributions to…
Is it going to be the end of abandoned vessels in UAE waters?
Recently, we have witnessed the massive development in the UAE maritime industry; the UAE has acceded to two major international conventions, namely the 1996 Protocol on Limitation of Liability ("LLMC") and the 2001 International Convention…
Civil Liability for Bunker Oil Pollution Damage
UAE APPROVES TO JOINING OF THE INTERNATIONAL CONVENTION ON CIVIL LIABILITY FOR BUNKER OIL POLLUTION DAMAGE UAE Federal Law No. 166/2020, issued on 10th November 2020, has approved the joining of the International Convention on…
News Alert: Economic Substance Requirements Guidance Issued
Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as…
Everything You Need to Know about the New Joint Property Law
Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint…
10 Things to Know about the New Incoterms 2020
Published since 1936, the International Chamber of Commerce (ICC) has published a set of three letter trading terms for the use in sale and purchase contracts. These ‘Incoterms’ deal with the obligations of the buyer…
Will insurance cover damages by rain? UAE law firm clarifies
Residents have questions whether these damages are covered under the insurance as rains are caused by "intentional act" of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally…
Marine Insurance Roundtable 2019
New maritime regulations in 2020 to target more foreign investment The new law will open up the maritime sector for foreign investors. The Federal Transport Authority (FTA) in the UAE is working on a whole…
Gulf Tanker Attacks: Implications on Costs
Tanker attacks have a long history indicating that it could be a powerful weapon in international conflict, which can significantly destabilize an economy. During the war in the 1980s, oil terminals and tankers were under…