Maldives is a tropical country which comprises of over 1900 coral islands. The population being scattered all over from North to South of the country and the fact that our economy is heavily dependent on fishing, has made sea transportation a necessity. However, our vessels do encounter numerous dangers while at sea, resulting in huge losses both physical and financial. It is our objective to indemnify you against these losses.
What does it cover?
Marine Hull takaful is a cover on vessels against risks connected with its navigational operations. It covers damages to the boat, machinery and equipment’s etc. during their operation within the specified trading limits.
- Institute Time Clauses Hulls Total Loss Only The policy covers total loss of the vessel covered in addition to salvage.
- Institute Time Clauses Hulls Full Cover The policy covers partial and total loss (actual total loss and constructive total loss) of the vessel covered caused by the following perils in addition to salvage.
List of risks covered
- Perils of the seas, rivers, lakes or other navigable waters.
- Fire, explosion
- Violent theft by persons from outside the vessel
- Breakdown of or accident to nuclear installations or reactors.
- Contact with aircraft or similar objects, or objects falling therefrom land conveyance, dock or harbor equipment or installation.
- Earthquake, volcanic, eruption or lighting.
- Accident in loading discharging or shifting cargo or fuel.
- Bursting of boiler breakage of shafts or any latent defect in the machinery or hull.
- Negligence of master officers crew or pilots.
- Negligence of repairs or charterers provided such repairers or charterers are not an assured here under.
- Barratry of master officers or crew provided such loss or damage has not resulted from want of due diligence by the assured, owner or managers.
What other options are available? (Add-ons)
Passenger/ Crew liability Takaful
It covers loss of life, bodily injury and property damage of crews and passengers arising out of the operation of the covered vessel.
The following documents have to be presented with:
- Proposal form
- Registry Copy of the vessel
- Safety Certificate of the vessel
- National Identity Card Copy of the registered owner(s) or Company Registration Copy whichever applicable
- Copy of Loan Agreement (if mortgaged)