Allied Insurance has signed an agreement with the Transport Authority of Maldives today to provide “Hull Insurance”, which would cover the damages caused by accidents at sea.
In a function held at STELCO, Chairman, Mr Abdul Rasheed Naafiz and Deputy Director General Mr Abdul Nasir signed the agreement on behalf of the Transport Ministry and the Managing Director, Mr Ahmed Ameel and general Manager, Mr Ahmed Riyaz signed the agreement on behalf of Allied Insurance. This agreement is phase one of the master plan by the Transport Ministry to cover and minimize the damages done to vessels at sea.
Mr Nafiz stated that as the number of accidents at sea have been on the rise in the country, the work that is being done by the transport Ministry to reduce the damages and losses at sea is one of many such assistances the government is trying to provide for the general public.
He also stated that due to this agreement, in case of vessel being damaged to a point where it can be no longer usable, the financial loss that would be borne by the owner of the vessel is covered by the “Marine Hull Total Loss Insurance” scheme provided by Allied Insurance.
“Insurance of all sea going vessels will be a must starting from next year” stated Nafiz.
“When hull insurance becomes the norm, allied would provide easy and convenient ways to obtain this service throughout the country. This also includes the introduction of an online system where customers can obtain the service.” Ameel added.
He also stated that the company is trying to finish off all the necessary preparations that needed to be completed in December and launch the service on the first of January next year.
The damages caused by natural disasters to the vessel, equipment crew and passengers along with any damages that occur during loading and unloading of goods is covered by Hull Insurance scheme.
