MARINE INSURANCE

Marine Insurance covers the loss or damage of ships, cargo and terminals by which the property is transferred, acquired or held in trust between the point of origin and final destination.

Then policy cover against losses or damage caused by specify sea perils to the vessels and cargo.

7.17A  MARINE HULL

This encompasses  all ocean-going vessels which covers damage to the vessel, Machinery and its Equipments based on the provisions of the Marine Insurance Act 1906.

7.17B  MARINE CARGO

Institute Cargo Clauses A

This covers “all risks” except specified exclusions. These exclusions are stated in various clauses as provided by the Marine offices committee of the Nigerian Insurers Association. The scope of this cover would include: breakages, damage, shortages etc.

Institute Cargo Clauses C or General Average Clauses

This is the most commonly sought by proposers. It is the least amongst the other cargo clauses but it excludes the following:

Earthquake, volcanic eruption or lighting. Entry of sea, lake or river water into vessel, craft, holds conveyance, container, lift van or place of storage.

Total loss of any package lost overboard or dropped whilst loading into unloading  from vessel or craft.