Every construction project begins long before the first foundation is laid. It starts with a need, followed by conversations, calculations, commitments, and the promises exchanged between developers, contractors, engineers, and suppliers. Yet, for that complexity and uncertainty to hold steady under pressure, one more promise must exist beneath them all: the assurance that if anything goes wrong, someone will make it right. In the Maldives, that promise is backed by Dhivehi Insurance Company.

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Established on 14 August 2016, Dhivehi Insurance is a licensed general insurance business formed from a joint venture between Ensis Fisheries Pvt. Ltd and leading figures in the Maldivian insurance industry. At the helm is founder and visionary leader Mr. Abdul Wahid Thowfeeq, led by Managing Director Mr. Ahmed Ameel, a risk management specialist, renowned for his groundbreaking insurance initiatives. Both are seasoned chartered insurers who previously held the position of Managing Director at Allied Insurance Company of the Maldives, shaping it into the diverse and robust organisation we know of now.

With over half a century of combined leadership, Dhivehi Insurance brought more than credibility to the industry; it brought change. Before its market entry, only a handful of dominant firms could secure the guarantees needed to bid for major projects. Guided by the forward-thinking of Mr. Wahid and Mr. Ameel, Dhivehi Insurance disrupted the traditional model by introducing surety bonds as a more flexible, insurance-backed alternative. This inclusive model gave Small and Medium Enterprises (SMEs) access to bid securities and performance guarantees, democratising participation and redefining how risk is managed across the industry. And within months of the launch, contractor participation surged for new projects, with many of these businesses growing alongside Dhivehi Insurance, cementing a mutual sense of loyalty and shared success. 

Despite that, during the initial stage, there was hesitation from project employers, including government ministries and state-owned enterprises (SOEs), owing to the unfamiliarity and the long-standing reliance on traditional bank guarantees. Dhivehi Insurance solved the issue by engaging in high-level discussions and conducting targeted awareness sessions with key industry stakeholders, which built the confidence and reliability of its solutions. The company worked closely with industry bodies such as the Maldives National Association of Construction Industry (MNACI) and the Contractors Association (CA), while also strategically featuring the topic in its flagship "Insurance Insights Seminar Series".

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As a result, in just eight years, Dhivehi Insurance has evolved as a trusted partner for contractors, not just as an insurer, but as a catalyst for growth in the Maldivian construction industry. As the only company offering A–Z insurance solutions tailored for the sector, it continues to support this momentum with policies that protect projects at every stage, from bid to completion.

That protection begins with the Bid Security Bond, which safeguards project owners if a bidder withdraws after award and ensures bidders remain committed throughout the tender process. Once a contractor is appointed, the Performance Guarantee assures that the contractor fulfils its obligations according to agreed timelines and specifications. The Advance Payment Guarantee protects upfront funds released before work begins, supporting early-stage financing. At the same time, the Retention Money Guarantee enables the release of withheld funds near project completion, ensuring any defects during the maintenance period are properly addressed.

Dhivehi Insurance's most popular offering is its Trade Credit Bond. It protects suppliers from bad debts and enables buyers to access more favourable credit terms. Easing liquidity pressure and maintaining flow within the supply chain helps projects stay on track. More importantly, it empowers SMEs to scale confidently and compete in a stronger, more inclusive construction landscape. Contractor’s All Risk (CAR) is one of the most comprehensive policies offered by Dhivehi Insurance. It provides all-risk coverage for physical damage to works in progress and third-party injury or property damage. The policy can be customised with optional extensions such as off-site storage, debris removal, escalation clauses, and protection against natural disasters. When paired with Advance Loss of Profit (ALOP), it also safeguards contractors against financial losses caused by delays. 

To support activities beyond the construction site, Dhivehi Insurance also offers Marine Cargo and Erection All Risk (EAR) policies. Tailored specifically to the logistical and assembly challenges of island-based development, the policy protects materials in transit and structures under installation, from shipment to the final placement. Lastly, the Professional Indemnity Policy covers qualified professionals, such as architects, engineers, and consultants, against claims resulting from errors, omissions, or breaches of duty in their services. Given the increasing complexity and risks in modern construction projects, this coverage is vital for businesses that strive to operate with security and integrity.

Dhivehi Insurance’s commitment to enabling progress defines its broader contribution to the construction industry. By making bond access more liberal and inclusive, the company has played a pivotal role in empowering SMEs and remains steadfast in supporting their continued growth through its services. This openness is not just policy; it is perspective shaped by heritage and progress, and rooted in the company’s identity as a business founded, led, and grown by locals. The logo, inspired by ancient stone carvings, and the turquoise brand colour, drawn from the lagoons surrounding us, are not mere design choices. They reflect what the company stands for: unity between insurer and insured, and a quiet promise to protect what is being built: together, at home, by the people who call it their own.

In a nation where skylines rise from sandbanks and complexity is part of the blueprint, Dhivehi Insurance delivers what every project quietly depends on: certainty, not just in policy, but in presence. It is the Maldivian promise in the Maldivian way—Dhivehi vantha Dhivehi Insurance.  As the sector evolves, one promise endures: Dhivehi Insurance will be there, from the first conversation to the final handover, and every uncertain moment in between.