By Sola Alabadan
The National Insurance Commission (NAICOM) has sought collaboration with the Ministry of Marine and Blue Economy to create a portal for verification of Marine insurance policies in Nigeria.
This took place when the Executive Management of NAICOM led by the Commissioner for Insurance, Mr. Olusegun Omosehin paid a working visit to the Minister of Marine & Blue Economy, Mr. Adegboyega Oyetola in his Office in Abuja on Thursday.
The meeting also discussed the need to explore options in the Cabotage Act to ensure compliance with the insurance requirements.
Marine insurance provides cover for the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Marine Insurance is compulsory for those importing any consignment from overseas as it is perquisites to obtain the FORM – M needed for clearance of goods at a Nigerian port.
