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 Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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