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Marine Insurance

Marine Insurance like any other class of insurance is provided in the form of contracts. The law of contract, as embodied in the Marine Insurance Act 1906, governs Marine Insurance contracts.

The Act deals with both Marine Hull and Marine Cargo Insurance and therefore Marine Insurance is subject to the general Insurance principles which are either deemed or implied to exist in the contract. These principles are indemnity, Insurable Interest, utmost good faith, proximate cause, contribution and subrogation.

Types of Policies

Specific policies are issued to clients whose imports and or exports are not regular. Thses relate mainly to household goods and personal effects shipped or air freighted into or out of the country. This particular type of policy can also be issued to cover specific consignments. Cover ceases after the goods arrive at the final destination. This therefore is a Voyage policy.

Open Covers types of policies provides protection on a blanket basis and covers all the imports and exports of insured items from the date of inception of the contract. Terms and conditions are agreed at the time of negotiations and the contract will protect the client's goods.