Marine insurance provides cover for the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. It is generally categorized into:
Hull: This cover the risk arising out of or connected with the marine navigation, i.e. the sea represents the cause of damage or it may arise out of navigational difficulties encountered. Our marine hull insurance policy covers the sea perils such as drowning, grounding, stranding and collision due to bad weather situations at sea. The policy also cover perils occurring at sea whether during the voyage or not, like fire, explosion, theft, piracy, capture and confiscation. (To get quote; please send your request to email@example.com)
Cargo: This cover the loss or damage of cargo (consignment) during the process of transportation from the port of origin to its port of destination. Ordinarily one should consider marine insurance in order to safeguard goods being shipped against damage. However in Nigeria, marine Insurance is compulsory if you are importing any consignment from overseas as it is perquisites to obtain the FORM – M needed for clearance of goods at a Nigerian port.
Should you decide to import any item of value, we shall be prepared to issue you our Marine Cargo Certificates to cover such transaction.
The following covers available are shown below:
[a] Institute Cargo Clauses ‘A’
This is an ‘All Risks’ Cover. As the name implies, it protects you against all aspects of losses arising from Maritime Perils unless specifically excluded in the policy.
[b] Institute Cargo Clause ‘C’
This is an F.P.A [Free of Particular Average] cover. This does not cover partial losses even when caused by any of the Maritime Perils insured against unless there is a total loss of or damage to the Cargo Insured.
[c] Institute Bulk Oil Clauses
This cover is available for oil cargoes and also does not cover damage or loss caused by excluded perils in the Institute Cargo Clauses (A).