With global supply chain disruptions, marine insurance has become more critical than ever. Learn how to protect your shipments.
Global supply chain disruptions, port congestion, and unpredictable weather have made international trade increasingly volatile. For importers and exporters operating across Nigeria, safeguarding freight during transit is no longer optional—it is vital to business survival.
Why Standard Carrier Terms Fall Short
Many business owners assume shipping lines or air carriers are fully responsible for lost or damaged goods. In reality, carrier liability is strictly limited under international maritime law, covering only a tiny fraction of your cargo’s real financial value.
How to Safeguard Your Cargo:
- Opt for All-Risk Cover (ICC Clause A): Protect shipments from warehouse to warehouse against theft, physical damage, and jettison.
- Insure on CIF + 10% Basis: Include freight, insurance, and anticipated profit margins to protect your bottom line against currency fluctuations.
- Ensure Proper Local Certification: Work with a licensed broker to issue recognized marine insurance certificates, preventing costly customs delays at Nigerian ports.
Liberty & Trust’s Marine & Aviation Division designs tailored cargo insurance strategies that keep your supply chain protected against unexpected logistics shocks.