Bank of Maldives

Types of coverage

Institute time clauses hulls - total loss only (including salvage, salvage charges and sue and labour)
Institute time clauses hulls – full cover

What is covered?

Institute Time Clauses Hulls (Total Loss Only)	Institute Time Clauses Hulls (Full Cover)
This insurance covers actual or constructive total loss of your vessel caused by:	This insurance covers partial losses or total loss of your vessel caused by:

1. Perils of the seas rivers lakes or other navigable waters

2. Fire, Explosion

3. Violent theft by persons from outside the Vessel

4. Jettison

5. Piracy

6. Breakdown of or accident to nuclear installations or reactors

7. Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbor equipment or installation

8. Earthquake, Volcanic eruption, or lightning.

9. Accidents in loading discharging or shifting cargo or fuel

10. Bursting of boilers breakage of shafts or any latent defect in the machinery or hull

11. Negligence of Master Officers Crew or Pilots

12. Negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder

13. Barratry of Master Officers or Crew provided such loss or damage has not resulted from want of due diligence by the Assured, Owners, or Managers.

Add-ons covers

Passenger liability

It covers loss of life, bodily injury and property damage of passengers arising out of the operation of the covered vessel

Minimum details to get a quote

Insured Details
Hull Name and Registry number
First registration date of the hull
Hull details; Dimension of the vessel, Type of Hull and Trade
Engine Details; Brand and HP of engine(s), engine original purchased year
Segregated value of the vessel (Hull, Engine, Machinery and Equipment)
Most recent photographs of the hull and engine (clearly showing the engraved registration number and name)

How to claim?

Inform Allied Insurance Company immediately after the incident by:

Calling customer care toll-free number 1600, or
Emailing to [email protected]

BML Insurance is underwritten by Allied Insurance & Ayady Takaful Company of the Maldives

Important instructions

1. Insured should make sure that you take all necessary action to minimize the losses.

2. In the event of a fire, a collision involving a third party, burglary/theft or malicious damage claim, you must notify the police as soon as possible and obtain a police report.

3. Repair works should be carried out with our approval

4. All damaged items should be preserved for inspection

5. Do not admit liability at any point or offer to settle the claim unless you have obtained the written consent from us

Note:

The information mentioned above are non-exhaustive. Please refer to the policy contract for the full list of cover and exclusions under this policy

Hull Insurance