The Maritime Arbitrators Association of Nigeria (MAAN )has called on stakeholders in the maritime industry to pick interest in marine insurance and it’s value as this would be a vital catalyst to the growth and stability of their businesses.
This was contained as part of the speeches delivered in Lagos recently at the 6th Practical Maritime Dispute Resolution Seminar organised by MAAN in collaboration with the Nigerian Shippers Council (NSC).
The President of MAAN, Dr Omogbai Omo – Eboh said the value of marine insurance cannot be over emphasised as far as maritime business is concerned and that stakeholders should seek to know the details and workability of the scheme as it affects their businesses.
The association also revealed that the previous editions of the practical sessions have tackled several issues in the past five years but decided to focus on marine insurance in this years edition.
In his speech, Omo- Eboh said the insurance act takes precedence over the Marine Insurance Act by virtue of section 100 of the Insurance Act which provides that where the provisions of any enactment is inconsistent with those of the Insurance Act,the provisions of the Insurance Act shall prevail.
He also added that since owing to the technical nature of marine insurance, owners of businesses in maritime should seek professional assistance from lawyers and brokers both during the coverage and the time of loss.