- as compulsory local marine insurance takes effect Sept 1
Coronation Insurance Ghana LTD, a leading insurance company offering diverse range of services covering general and special risk businesses, has launched a special electronic portal to facilitate the purchase of marine insurance policies.
The Coronation e-portal which is designed specifically for the purchases of various marine insurance products of the company is in line with the new directive of the National Insurance Commission (NIC) that is starting September 1, 2022, all commercial imports attract locally underwritten insurance cover.
The new insurance Act 2021 (Act1061), which seeks to bring the regulation of the insurance industry into conformity with the international framework and supervisory standards, gives the impetus to local insurance firms to underwrite marine insurance for all commercial imports.
The coronation marine insurance platform is mainly for importers, exporters, freight forwarders, etc. who usually execute shipments in commercial quantities.
The Managing Director, Coronation Insurance Ghana, Adedayo Arowojolu, speaking at the company’s ‘Marine Insurance Webinar where the e-Portal was launched, indicated that his outfit values sensitisation and education of clients on regulation, policies, making claims, and getting maximum gains from their insurance products, hence the webinar to educate customers on new initiatives.
“At Coronation Insurance, we are committed to providing clients with convenient and high-quality services. We are, therefore, pleased to introduce the Coronation Marine Insurance Portal to you. The marine portal solution is a seamless channel for the sale and purchase of marine insurance products and services with Coronation Insurance.
It’s designed to enable clients to purchase marine insurance digitally from anywhere, make payment for marine businesses via Visa/Mastercard and mobile money, generate marine insurance certificates or policy documents digitally, among other things,” he said.
He added that Coronation has the capacity, human resources, and technical know-how to serve customers beyond their expectations. And on top of that, it is one of the fastest claims paying insurers on the market with an average response time of around 48 hours irrespective of the value or volume of the claim.
On her part, Executive Director, Whitestone Shipbrokers Ltd and Global Membership Committee Chairperson, Institute of Chartered Shipbrokers (ICS), Gertrude Adwoa Ohene-Asienim, explained that marine insurance is basically the risk attached to transported goods by the sea. However, it is not only limited to the sea but the land conveyance of the goods after off-loading from the ship to the warehouse or from the warehouse to shipment, hence it’s inclusive of other voyages incidental to the marine adventure.
“The law, as the NIC seeks to enforce, is telling importers that when they are importing goods into the country, they should buy local insurance. So, if you are an importer, you need to buy insurance so that in case of any damage or piracy situation you are covered, likewise exporters.
What the NIC is saying with the Insurance Act 2021 (Act8 1061) is that shipping is a risky business and once you are bringing in goods or exporting same, it is in the interest of the individual to cover their risk. The best way to cover the risk factor and also to minimise cost is by buying local insurance as against that of the country the goods being imported from or exported to,” she said.
This she emphasized is in the best interest of the importers because in case of any incidence they know the offices of the firm they bought the insurance from and can easily walk in to make claims and receive payment.
Again, the insurer can explain the various policies in simple language for their understanding in relation to the kind of goods they trade in. Secondly, buying local insurance means importers pay in local currency hence no need to convert more cedis to dollars.