EMEA News
Insurers Form Nigeria P&I Partnership
In an effort to back the development of the maritime industry in Nigeria, Industrial and General Insurance Plc (IGI) of Nigeria and the U.K.-based East of England P&I Association Ltd. have entered a partnership to safeguard commercial ship charterers in the country against liabilities including pollution risks from bunkers, the news site Punch Nigeria Ltd reports.
"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," said Sina Elusakin, IGI's executive director for special risks
"We also want to help stem premium export and boost the local content initiative and the Cabotage regime of the Federal Government."
The partnership provides an overall liability limit of approximately $100 million, reinsured by first-class securities in Lloyd's Market.
The new coverage option will allow ship owners and operators, as well as others in the maritime industry, to be protected against risks including collisions, loss or damage, labor and legal costs, and pollution risks from bunkers or other sources.
Nigeria's local content initiative sets a minimum local content of 75 percent for works and contracts in the oil and gas industry," according to Fairshores, a company serving the Nigerian energy industry.
