INSPENONLINE: IGI, UK firm provide $100m cover for ship operators

Friday, 3 May 2013

IGI, UK firm provide $100m cover for ship operators

Chuks Udo Okonta

Industrial And General Insurance Plc (IGI) and United Kingdom-based P&I Association Limited have entered into partnership to underwrite protection and indemnity insurance to safeguard owners and charterers of commercial ships in Nigeria against liabilities.

A statement by IGI's Corporate Affairs Manager, Steve Ilo, said the partnership, which took effect last month, was brokered by Integro Insurance Brokers of United Kingdom, adding that the venture offers an overall limit of liability to the tune of $100,000,000 which is reinsured by first-class securities within the internationally acclaimed Lloyd’s Market.

He noted that under the partnership, players in Nigeria’s maritime industry, especially ship owners and ship operators, have access to protection and indemnity insurance coverage which protects them against liabilities arising from risks such as

collision with other vessels, loss of or damage to fixed and floating objects as well as pollution risks, including those caused by bunkers.

Ilo said the insurance cover also protects the policyholder against liabilities for cargo, stowaways, sue and labour and legal costs, fines, wreck removal as well as illness, injury, loss of life of crew members and passengers.

IGI’s Executive Director, Special Risks, Sina Elusakin, said the deal is part of the company’s effort to offer the requisite backing for the development of Nigeria’s maritime industry.

He "Concerned about the amount of foreign exchange being lost to the P&I Clubs abroad, IGI decided to put the coverage in place to reduce the hardship that ship owners go through in arranging the cover. We also want to help stem premium export and boost the Local Content initiative and the Cabotage regime of the Federal Government."

Elusakin noted that the alliance between IGI and The East of England P&I Association Limited is formidable. He urged brokers, ship owners and ship managers to take advantage of the insurance product and apply for the placement of vessels under the cover.
　

No comments:

Post a Comment

Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

Casino and Gaming Insurance

Anyone who operates or is considering opening up a casino or gaming establishment, requires insurance. As an online gambler, it is important that you play at a gambling establishment that follows reputable business practices. The best casinos are those that do not just protect their customers, but also protects themselves.

If you’re going to gamble online, you need to make sure that you choose a high-quality site like PlayMillion.com. Leading virtual casinos in the online gambling industry provide players with a secure and fair gaming environment. At PlayMillion, Players can enjoy 24/7 customer support, a multi-lingual platform, a VIP Lounge, a variety of promotions, and a truly generous signup bonus.

Customers of this internet casino brand can also enjoy great games like Caribbean Poker. This is an exciting card game and an interesting poker variant. Unlike other variants of this popular card game, while this version is similar to five-card stud, your opponent is the house, not the other players. Online Caribbean Stud is an exciting way to experience poker quickly and conveniently, whenever you want.

What else do you need to know about casinos and insurance? Unless you are a casino operator, there really isn’t anything else you need to think about. Essentially, when you are a player you need to concentrate on creating your own personal insurance to yourself. In other words, you need to make sure that you create a gambling budget and that you stick to it. Once you create a bankroll, your goal should never be to deplete it. This makes certain that you will always have money with which you can play. Equally, you should set yourself winning and losing limits, so you know when to call it a day.
　