At a press conference held today at Mookai Suites, Allied Insurance Company officially launched Hull Insurance campaign “Niyaama”.
Speaking at the press conference, Allied Marketing Manager; Niushad Shareef stated that the purpose of this campaign is to increase awareness about the mandated Hull Insurance Total loss cover among the boat owners of the nation. Hence, Niushad informed that Allied teams will be travelling to various regional areas to educate vessel owners about this policy.
Hull Insurance is insurance on vessels against risks connected with its navigational operations. It covers damages to the boat, machinery and equipment. This policy consists of below two covers that help to recover the loss or damages caused to vessel’s hull and machinery during their operation within the specified trading limits.
1. Total loss cover (Mandatory): This policy covers Total Loss of the vessel insured against some perils in addition to salvage.
2. Full cover (Optional): This policy covers Partial and Total Loss (Actual Total Loss and Constructive Total Loss) of the vessel insured, in addition to salvage.