What is Marine Insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination.

Types of Marine Insurance Policies

• Voyage Policy
• Time Policy
• Mixed Policy
• Open (or) Unvalued Policy
• Valued Policy
• Wager Policy
• Port Risk Policy
• Single Vessel Policy
• Fleet Policy
• Block Policy

To get marine insurance for your cargo, fleet or vessel, contact any marine insurance provider of your choice to get your policy proposal form. Choose a policy that you actually need or that is suitable for your purpose. After this, you will be required to fill out and submit the form, and your premium will be calculated based on the details you have given. You would then be required to present other documents like a valid identification, registration details of goods if they are leaving the country’s border, proof of ownership of marine properties to be insured, and an evidence of premium payment. Then your certificate of insurance will be issued. Proposal forms can be gotten online or offline, based on your insurer’s available services. Make sure to choose the covers that will benefit you.

Benefits Of Marine Insurance Plans in Nigeria

• In Nigeria, one of the highly exported commodities is oil and gas which is majorly done by sea. It is, therefore, a common occurrence to have cases of oil theft while cargos are at sea. As such, marine insurance which has been made mandatory for businessmen in this sector will ultimately protect owners from events of fire, oil spill, loss of cargo and other damages.
• Marine insurance not only protects your goods, it gives cover for your ship and fleet as well. It is a major bonus for business owners who are willing to minimize certain risks at all cost.
• Once one has embarked on a journey by sea, the ships and passengers onboard are at its mercy until they dock. With a marine insurance cover, you will be well protected from the uncertainties of nature herself.
• To save yourself and your cargo from seizure by the Nigerian customs, it is better to have your insurance papers intact. According to customs regulations, all importers and exporters who bring in or send out their goods by sea are mandated to locally have their cargo insured. Failure to do so attracts huge fines.