Marine insurance made optional

Ministry of Economic Development has made the decision to make marine insurance optional.

The decision was announced during a press conference held by Ministry of Economic Development and Transport Authority this Sunday.

Speaking at the press conference, Chairman of TA, Mahudhee Imad said research done by authorities showed the people were inconvenienced by the decision to make marine insurance compulsory. He said the decision to make marine insurance compulsory was designed to ease the burden on the people.

“The government’s policy is to make regulations as convenient as possible. This decision is based on that. From today onwards, marine insurance is compulsory,” said Mahudhee.

Mahudhee said the rule did not apply to any specific category of marine vessels and that marine insurance was optional to marine vessels big or small, State owned or privately owned.