Economy
How to Find The Best Marine Insurance Provider For You
For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges.
1. Assess Your Maritime Needs
The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your maritime business needs. To navigate the complexities of this industry successfully, you must understand your unique risks and vulnerabilities. Consider the types of vessels you operate, the nature of your cargo, the routes you take, and the specific challenges your business faces. By gaining clarity on these aspects, you’ll be well-prepared to discuss your insurance requirements with potential providers. Understanding your maritime needs also involves estimating the potential financial impact of various risks, such as damage to vessels, loss of cargo, or liability claims. This evaluation will serve as the foundation for tailoring your insurance coverage to ensure you’re adequately protected against these risks.
2. Research Specialized Marine Insurers
Maritime business demands specialized knowledge and expertise. Therefore, it’s wise to focus your search on marine insurance companies that specialize in this type of coverage. These specialized insurers possess an in-depth understanding of the unique risks and challenges that businesses like yours encounter regularly. They can offer tailored solutions designed to address the specific needs of marine enterprises. When researching potential insurers, consider their track record within the marine industry. Look for providers with a proven history of working with businesses similar to yours and a strong reputation for efficient claims handling. Customer reviews and testimonials from other marine business owners can provide valuable insights into an insurer’s performance and reliability.
3. Evaluate Financial Stability
The financial stability of your chosen marine insurance provider is paramount. As a business owner, you want the assurance that your insurer can meet its financial obligations, particularly when it comes to honoring insurance claims. Review the financial strength ratings and creditworthiness of potential providers to ensure they have the financial capacity to support your business throughout the policy period. An insurer with a strong financial foundation is better equipped to respond to large-scale incidents or catastrophic events that may result in significant claims. Evaluate their financial reports and assess their ability to handle claims promptly and efficiently, even in challenging circumstances.
4. Examine Coverage Options
The world of marine insurance offers a wide array of coverage options to address the diverse needs of maritime businesses. When seeking the best marine insurance provider, thoroughly examine the coverage options each insurer offers. Look beyond basic policies and assess their ability to tailor coverage to your specific requirements. Consider the types of policies available, such as hull insurance, cargo insurance, liability insurance, and specialized coverages like protection and indemnity (P&I) insurance. Ensure that the insurer can provide a comprehensive package that aligns with the risks your business faces daily. Don’t hesitate to engage in detailed discussions with potential providers to explore endorsements, riders, and policy enhancements that can further enhance your coverage.
5. Customer Support and Claims Handling
The quality of customer support and claims handling is a critical factor in your relationship with a marine insurance provider. Assess their responsiveness, accessibility, and willingness to assist when you need it most. In the event of a claim, you want an insurer that can expedite the process, minimize disruptions to your operations, and offer guidance throughout the claims journey. Inquire about their claims history and their ability to handle complex maritime claims efficiently. Seek references from other marine business owners who have experienced the claims process with the insurer to gain insights into their level of service and support during challenging times.
Conclusion
Finding the best marine insurance provider for your maritime business requires careful consideration and a tailored approach. By assessing your maritime needs, researching specialized insurers, evaluating financial stability, examining coverage options, and prioritizing exceptional customer support and claims handling, you can secure the comprehensive insurance coverage your business deserves. This proactive approach ensures that your maritime enterprise remains resilient and prepared for the challenges and opportunities that the vast seas present.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn