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Solarelle launches insurance scheme for ship builders

Fathmath Shaahunaz
29 September 2016, MVT 15:55
Solarelle Insurance launches its ship builders' risk insurance scheme "Maavadia" at Maldives Marine Expo in Hulhumale. PHOTO: SOLARELLE
Fathmath Shaahunaz
29 September 2016, MVT 15:55

Solarelle Insurance Pvt Ltd launched a special insurance policy for ship builders on Wednesday.

The Ship Builders’ Risk Insurance, named “Solarelle Maavadia”, was unveiled at the ongoing Maldives Marine Expo in reclaimed suburb Hulhumale. Solarelle stated that this insurance scheme covers all damages to both the vessel and ship building tools during the period of commencing the project until the vessel has been launched and handed over to the owner.

Maavadia Insurance package compensates for:

Minor and major damages caused during the building and launching process

Complications faced in the building process

Collision accidents with other marine vessels

Expenses to minimise or prevent damages

Environmental damages

Solarelle, which received its insurance license at the end of last March, is currently the only 100 percent local insurance firm in the Maldives.

The company has launched all the common types of insurance currently available in the Maldives, including health insurance, cargo insurance, marine insurance, engineering insurance, property insurance, aviation insurance, miscellaneous insurance and motor insurance.

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