Untitled Document
Insurance
  NIGERIA
Insurance
 
  Discriminatory insurance - Marine Insurance Act 2004
Section 67(1)...an insurance in respect of goods to be imported into Nigeria shall be made with an insurer registered under the Act
. .

Depending on the Cargo and if the Importer is not the Reciever, there is nothing stopping the provision of the Cover overseas and as some importers do for very high value cargo or provide the cover nominally with locally reqistered insurers. Customs will not refuse delivery for this reason.

The restriction does not prohibit foreign cover,but insists the Reciever as also Importer will require local insurers cover as art of import document for clearing documentation if foreign exchange from the central bank is involved.

The Act as attached is also mostly concerned with inland waterway transport or voyage and in any case double insurance always allowed.

(update September 2020)
 
 

 

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