Marine/ Cargo Insurance

Marine/Cargo Insurance would provide cover against loss or damage to all your inward coming cargoes when being carried either by air or by sea, from any country to Nigeria. There are however two types of cover in the Nigeria insurance market namely: Clause “A” and Clause “C” cover.

Clause “A” provides the widest cover. It covers all risk of physical loss or damage to the goods subject to certain exclusions. Clause “C” covers loss or damage attributable to perils that are named in the policy. This cover includes the cost of the goods, freight and other handling charges plus 10% of the cost of the goods.

It is pertinent to note that you can purchase this insurance policy for individual single transit or on open cover basis if the volume of import is substantial or the frequency is high. The cover can be from the port of loading to the port of discharge, from warehouse to warehouse or from port of loading to the warehouse.

In order to incept cover, we would need a copy of proforma invoice from your overseas manufacturers/ suppliers and Form M from your bankers.

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