Allied Insurance to provide marine insurance

Transport Authority has contracted Allied Insurance to provide marine insurance, signing the contract - Provision of Marine Hull Insurance, in a ceremony held at Stelco conference hall this Monday afternoon.

The contract was signed by Chairman of Transport Authority - Abdul Rasheed Nafiz, Deputy Director-General – Abdulla Naseer Mohamed, and Managing Director of Allied – Ahmed Ameel and General Manager of Allied – Ahmed Riyazy Mohamed.

Speaking after signing the contract, Chairman of Transport Authority, Nafiz said that Maldives had a large number of sea vessels, and that Transport Authority considered safety and protection of the sea vessels a high priority, and was running multiple initiatives to increase safety and security and minimize damage.

He said that Allied has been contracted to provide a Hull and Machinery Policy, which would be made compulsory for all marine vessels starting from 2017.

“Boat owners are currently handling the cost of collisions between two boats. But they face more loss from incidents such as boat sinking or shipwrecks. This insurance policy will compensate such losses,” said Nafiz.

Meanwhile, Managing Director of Allied, Ameel said that the best way to deal with losses was to take precautions, and that the Hull and Machinery Policy would provide the solution to such problems.

He said that the policy would be launched with the option of customer participation in the policy through their website.