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QUOTES COMPARISON TAILORED TO GENERAL INSURANCE
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Marine Insurance, Goods In Transit And Professional Indemnity Insurance


1. Marine Insurance
Marine insurance is a type of insurance that covers the loss or damage of goods or cargoes, terminals, ports, ships or any other property used to transport goods from one point or country to another from the point of loading to its delivery or final destination. Marine Insurance Act of 1990 of the laws of the Federal Republic of Nigeria provides for marine insurance and prohibits gambling on loss by maritime perils.

There are two classes of marine insurance which are:
– Marine Cargo: is a class of marine insurance that provides cover or compensation to the owner of the cargo or goods in an event of loss or damage of the cargo while in transit from one country or port to the other. The insurance also covers the cargo during transfer from marine to air transport while getting to its final destination.
– Marine Hull: is a class of business insurance that provides indemnity for the ship owners against the loss or damage to their vessel or ship while in transit. This policy covers the hull (ship or vessel), machinery and equipment which is why it is sometimes called Hull and Machinery insurance.

Importers and exporters face a lot of challenges and even bankruptcy due to the loss or damage of their goods while moving them from one port to another. The ship may capsize with all the cargoes sinking with the ship or vessel causing a great loss to the business. With the increase in the number of high sea pirates and hijackers, most vessels are usually attacked with all or some of the vessel contents looted away. To avoid or reduce the losses to your business associated with marine transportation, it is very important to get a marine insurance cover for your cargoes before moving them or get insurance for your priceless vessel that yield stable income for you. This will remove the heartbreaks that come with this form of transport.

2. Goods-In-Transit Insurance
This is an insurance that provides coverage against loss or damage of properties or goods resulting from the conveying vehicle getting involved in an accident, collision, overturning, theft, or fire while the goods are being taken from the first point of loading to the final destination. There are two main types of this policy available to the Nigerian market. They are as follows:
– All risks: is a policy that covers a wide range of risks mentioned in the definition of good-in-transit insurance policy. This takes effect immediately the goods are being loaded into the vehicle and lasts until the goods or properties are unloaded at the final destination. It covers transportation of goods to all parts of Nigeria either by rail or road.
– Restricted cover: is a policy that covers specific risks as agreed between the insurer and the owner of the goods or properties being insured. It only covers some mentioned risks like losses due to accident, collision or overturning of the vehicle and theft of goods while on transit.
There are some information that are important to the insurer before an insurance contract is signed for goods-in-transit policy to determine the premium to be paid or the worth of the insurance policy. The information to be provided are as follows:

• The distance to be covered
• Mode of transportation
• Type and nature of goods to be conveyed
• Type of vehicles to be used (owned or hired)
• Duration of coverage or estimated annual carrying
• Limit of the carrying vehicle
• How long the individual or company has in haulage business
• Others information as this may vary with insurance company

Most Nigerian roads are presently not in the best of conditions, which has led to seeing so many long or haulage vehicles overturning on the roads. High rate of accidents due to careless driving, over-speeding by some drivers and bad roads are a source of worry to individuals or companies transporting goods from one part of the country to another. Almost every day, we see trucks conveying large quantity of goods like farm products, containers filled with manufactured goods and lots more, spilling their contents on the roads with these goods being damaged beyond repair. This is a very good reason to plan for such conveyance of goods by getting a goods-in-transit insurance policy for the conveyed goods to reduce the impact of these losses or damages to your valued businesses.

3. Professional Indemnity Insurance
This is a policy that covers the insured person or company against any of his legal liabilities resulting from rendering service to his or her clients, oversights, negligence, etc. It protects the insured person or company from any claim made by his/her customers or clients while performing the business activities or duties. For example, a medical doctor can face a legal claim for prescribing wrong drugs or wrong dosage of drugs for his/her patient and can only be bailed out by his professional indemnity insurers. A professional (like architects, engineers, medical practitioners, lawyers, accountants etc.) in the course of his duties is rendering a valuable service to the public due to the nature of their work and the high risk decisions they make, a small error/omission or negligence on their part can prove to be very costly. They require this type of insurance for such cases or situations. In the medical profession, it is called malpractice insurance while it is called errors and omission (E&O) insurance by lawyers, accountants, brokers, insurance, construction companies and financial services professionals.
In Nigeria, the policy covers only action for damages brought against the insured person in a court of law within Nigeria. However, this policy has some limit to what it covers and stringent exclusions by some insurance companies which include the following:

Principal Exclusions
This policy excludes the following:
• Claims brought about by dishonest, fraudulent, criminal or malicious acts or omission of the insured or any person at the time employed by the insured.
• threats made or intimidation on or before the inception date of the policy unless mentioned on the proposal and not excluded by the insurer
• where the incident giving rise to the claim occurred before the date of the event
• the policy does not cover any case that include general public liability



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