Container insurance project package insurance, a joint effort of the Nigerian Insurers Association, National Insurance Commission, Nigerian Shippers Council, Project IT Vendor-BrandOne and all other stakeholders are all on the same page to have the cover offered by underwriters.
Other stakeholders that voiced support to bring on the underwriters to cover the risk in the maritime value chain include shippers/importers, clearing agents, track owners, guild of marine surveyors, Professional Reinsurers Association of Nigeria and tracking companies on provision of cover for containers.
Mr. Ganiyu Musa, NIA chairman who disclosed this to the media said, “This will be a risk management substitute for containers deposits being made by the importer to the shipping companies thereby eliminating capital flight from the country.”
In the same line of promoting solution, the association with the help of her team of actuaries is presently discussing with NEXIM Bank, MNK Re Limited (Broker at Lloyd’s), PRAN and the Guild of Marine Surveyors are developing cover for export credit guarantee insurance and political risks for the banks and exporters.
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