Marine Cargo Insurance
Comprehensive coverage for property in transit — against loss or damage arising from perils of the sea, air, land, and inland waterways. Protect your cargo every step of the journey.
Your Cargo Protected From Origin to Destination
Marine cargo insurance provides coverage for property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.
The common covers in Nigeria are Institute Cargo Clause A (All Risks) and Institute Cargo Clause C (Named Perils). Rates are calculated as a percentage of the total insured value — typically CIF + 10%.
Who requires this policy?
Choose the Right Level of Protection
Three levels of coverage — from comprehensive all-risk to basic named-peril protection. Rates calculated on CIF + 10% of total insured value.
Rate
0.125%
Institute Cargo Clause "A"
All Risks — Most Comprehensive
- Accidental and/or malicious damage
- Fire or explosion
- Earthquake, volcanic eruption or lightning
- Vessel stranded, grounded, sunk or capsized
- Overturning or derailment of vessel
- Collision with any external object other than water
- Discharge of cargo at port of distress
- General average sacrifice & jettison
- Washing overboard
- Entry of sea, river or lake water into vessel or storage
- Total loss of package lost overboard during loading/unloading
Rate
0.100%
Institute Cargo Clause "B"
Named Perils — Mid-Level
- Fire or explosion
- Earthquake, volcanic eruption or lightning
- Vessel stranded, grounded, sunk or capsized
- Overturning or derailment of vessel
- Collision with any external object other than water
- Discharge of cargo at port of distress
- General average sacrifice & jettison
- Washing overboard
- Entry of sea, river or lake water into vessel or storage
- Total loss of package lost overboard during loading/unloading
Rate
0.050%
Institute Cargo Clause "C"
Basic Cover — Entry Level
- Fire or explosion
- Vessel stranded, grounded, sunk or capsized
- Overturning or derailment of vessel
- Collision with any external object other than water
- Discharge of cargo at port of distress
- General average sacrifice
- Jettison
How Premiums Are Calculated
Rates are a percentage of total insured value (CIF + 10%), subject to underwriting factors.
| S/N | Type of Cover | Rate (Range) |
|---|---|---|
| 1. | Institute Cargo Clauses "A" | 0.125% |
| 2. | Institute Cargo Clauses "B" | 0.100% |
| 3. | Institute Cargo Clauses "C" | 0.050% |
Underwriting Considerations
These factors determine your premium rate and the terms of your policy.
- Types of coverage required
- Nature and/or description of goods
- Quantity and value of goods
- Nature and mode of packaging
- Mode of conveyance (Sea or Air)
- Port of origin and destination
- Experience of the carrier
Required Claim Documents
The following documents are required for processing of claims.
- Duly completed claim form
- Photographs of incident
- Original Bill of Lading or Air Waybill
- Copy of invoice and packing list or weight note
- Notice of claim against carriers, port authority & forwarder replies
- Port inward/outward survey report or airline discrepancy/damage report
- Forwarder's Delivery Order
- Letter of Subrogation (duly stamped and executed, if applicable)
Get Your Shipment Insured Today
Contact our insurance specialists for a quick quote tailored to your cargo type, route, and coverage needs. Available for importers, exporters, and everyone in between.
Let PortGate arrange your marine insurance coverage
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