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.