Marine Hull & Cargo
The Nigerian Maritime industry is very dynamic and regulated. The Insurance Act 2003, Sec 67, requires that all imports to Nigeria must be insured by a Nigerian registered insurer. IBN’s marine division supports global trade by arranging quick and suitable insurance cover to enable businesses protect their imports, adhere to the law and maintain a competitive status in the industry.
The Coastal and inland shipping ACT (Cabotage ACT) enacted in 2003 restricts the use of foreign vessels in domestic coastal trade in Nigeria. All vessels operating within Nigerian Territorial waters are also required by law to have insurance cover from Nigerian registered insurers.
What We Do
We work with clients to:
- Ensure compliance with the Nigerian law and international maritime law
- Determine potential risk exposures
- Provide risk transfer mechanism to protect against such exposures
- Providing the widest coverage and at the lowest cost
- Providing Protection and Indemnity cover against potential liabilities
- Ensuring smooth and quick claim settlement, in order to ensure continued cash flow in the organisation.
We develop innovative insurance solutions to protect their operations with focus on:
- Hull and Machinery, War and Strikes
- Liability covers against passenger liability, contractual liability and protection and indemnity.
- Develop Protection and Indemnity (P&I) compliance regimes for vessels operating in Nigerian environment
- Liability covers of ship repairers, stevedores
- Marine Cargo and inland transit cover for goods and consignments
- We have clients with real time insurance management portals that enables the secure their marine insurance certificates based on prearranged marine cargo insurance covers
Why Do Clients Value IBN?
IBN’s over 60 years’ experience in the Nigerian market and strong market leverage is unrivaled.
Our focus is to:
- Always put our clients first
- Ensure we exceed our service expectations
- Create products and markets that provide ample protections to risks of clients’ operations
- Ensure quick, efficient resolution of claims
For further information or help, please contact:
Majeed Ajibola
Marine Hull and Cargo Practice Leader
