Marine Insurance

Marine Insurance:  There are two types of this insurance as listed below:

(i)        Marine Hull Insurance:  A typical policy of this insurance will provide cover for loss of or damage to the ship/hull itself.  It can be extended to cover liability to crew members, passengers’ third party property, bodily injury or death.  It also covers harbor facilities by extension.

Premium Calculation Requirements:

• The vessel and its sea worthiness certificate
• The use to which the vessel is put
• The value of the vessel
• Ownership status – owned or chartered
• The route normally plied.

(ii)   Marine General Cargo Insurance (by sea or air): is insured under two (2) basic covers known as clause “A” (All Risks) or Clause “C” (Total Loss/restricted cover). Marine Cargo Policy could be on ‘Single Transit” or ‘Open Cover’.

Cover usually applies from the factory or warehouse overseas, to final  destination in Nigeria. Cover allows up to 30 days clearance from  Nigerian Ports. We recommend covers under Clause ‘A’ (All Risks) because  the insured can only claim under Clause ‘C’ when there is total loss of  consignments.