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Marine Pleasure Craft - Premium Calculation

Product Code

3040 - Marine Pleasure Craft

Actual Premium Data from Premia

Based on 77 policies with calculable rates from Premia UAT database:

Premium as Percentage of Sum Insured

  • Minimum Rate: 0.09%
  • Maximum Rate: 6.84%
  • Average Rate: 0.98%
  • Median Rate: 0.60%

Premium Range

  • Minimum Premium: AED 0
  • Maximum Premium: AED 49,425
  • Average Premium: AED 6,985

Sum Insured Range

  • Minimum SI: AED 61,900
  • Maximum SI: AED 8,000,000
  • Average SI: AED 1,576,772

Coverage Premium Breakdown

Based on actual policy data:

Hull Coverage (304001)

  • Used in: 105 policies
  • Average Premium: AED 4,954
  • Average SI: AED 826,355

Third Party Liability (304004)

  • Used in: 108 policies
  • Average Premium: AED 50
  • Average SI: AED 1,242,343

Boat Trailer (304002)

  • Used in: 51 policies
  • Average Premium: AED 40
  • Average SI: AED 392

Personal Effects (304003)

  • Used in: 53 policies
  • Average Premium: AED 14
  • Average SI: AED 0 (typically fixed amount)

Loading (2001)

  • Used in: 47 policies
  • Average Premium: AED 1,086 (varies widely)

Sample Policies from Premia

Real policy examples:

High-Value Yacht: - Policy: P/01/3040/2023/1/01 - Sum Insured: AED 8,000,000 - Premium: AED 41,600 - Rate: 0.52%

High-Value Yacht (Different Period): - Policy: P/01/3040/2023/1 - Sum Insured: AED 8,000,000 - Premium: AED 49,425 - Rate: 0.62%

Medium Boat: - Policy: P/01/3040/2017/7/04 - Sum Insured: AED 550,000 - Premium: AED 4,352 - Rate: 0.79%

Medium Boat (Another Period): - Policy: P/01/3040/2017/7/03 - Sum Insured: AED 550,000 - Premium: AED 3,819 - Rate: 0.69%

Large Yacht: - Policy: P/01/3040/2017/9/02 - Sum Insured: AED 4,000,000 - Premium: AED 23,178 - Rate: 0.58%

Premia Integration

Premium Storage

Table: PGIT_POLICY
- POL_PREM_LC_1 = Total policy premium
- POL_SI_LC_1 = Total sum insured

Table: PGIT_POL_RISK_COVER
- PRC_PREM_LC_1 = Coverage premium
- PRC_SI_LC_1 = Coverage sum insured

Premium Calculation

Premium calculation formulas and rating tables are stored in: - PGIM_PROD_PREM_PARAM - Premium parameters (not extracted) - PGIM_PROD_PREM_FORMULA - Premium formulas (not extracted) - Rating packages/procedures in database

Next Steps

Note: This documentation shows actual premium data from real policies. The underlying rating formulas, tariffs, and calculation rules are configured in Premia's premium calculation tables and procedures which were not fully extracted. Contact underwriting or system team for specific rating rules.