This Insurance covers loss or damage to the hull, engine, machinery & equipment of the vessel insured against risks connected with its navigational operations.
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|
|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.|
Inform Allied Insurance Company immediately after the incident by:
BML Insurance is underwritten by Allied Insurance & Ayady Takaful Company of the Maldives
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
The information mentioned above are non-exhaustive. Please refer to the policy contract for the full list of cover and exclusions under this policy
For any additional queries related to any of the insurance products please contact the nearest BML branch or BML Contact Centre.