Marine Hull & Cargo
The Nigerian Maritime industry is very dynamic and regulated. The Insurance Act 2003, Sec 67, requires that all imports to Nigeria must be insured by a Nigerian registered insurer. IBN’s marine division supports global trade by arranging quick and suitable insurance cover to enable businesses protect their imports, adhere to the law and maintain a competitive status in the industry.
The Coastal and inland shipping ACT (Cabotage ACT) enacted in 2003 restricts the use of foreign vessels in domestic coastal trade in Nigeria. All vessels operating within Nigerian Territorial waters are also required by law to have insurance cover from Nigerian registered insurers.
What We Do
We work with clients to: