Nigeria-based Industrial and General Insurance (IGI) and United Kingdom's The East of England P&I Association have entered a partnership to guarantee protection and indemnity insurance that will safeguard owners and people who charter commercial ships in Nigeria against liabilities
IGI special risks executive director Sina Elusakin said the partnership, which took effect from April 2013 will be part of the company’s effort to provide requisite backing for the development of Nigeria’s maritime industry.
Elusakin added, “Concerned about the amount of foreign exchange being lost to the P&I Clubs abroad, IGI decided to put the coverage in place to reduce the hardship that ship owners go through in arranging the cover.”
The partnership, which was brokered by UK’s Integro Insurance Brokers, will offer an overall limit of liability to the tune of US$100mn, which will be reinsured by first-class securities within the internationally acclaimed Lloyd’s Market.
Players in Nigerian maritime industry, especially ship owners and ship operators, will have access to protection and indemnity insurance coverage against liabilities arising from risks such as collision with other vessels, loss of or damage to fixed and floating objects as well as pollution risks, including those caused by bunkers.
The insurance cover will also protect the policyholder against liabilities for cargo, stowaways, sue and labour and legal costs, fines, wreck removal as well as illness, injury, loss of life of crew members and passengers.