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Exporters And Importers Educated On Insurance Processes

Ghana Shippers Authority
Ghana Shippers Authority

The Ghana Shippers Authority has schooled some exporters and importers in the business industry on the benefits of insurance and the processes involved, in Koforidua.

The 30 participants, drawn from parts of the Region were taken through topics such as “What Cargo Insurance is, Importance and benefits of taking Marine Insurance locally and Measures in place to facilitate uptake of Marine Insurance Locally among other.

Mr Charles Asiedu Sey, Tema branch Manager of the Ghana Shippers Authority told GNA in interview that the training was to educate and sensitise members on the need for insurance for their businesses.

The training he said formed parts of efforts to streamline activities of local exporters/importers and indicated that they had formed Regional Shippers committees in all the regions made up of Trade Associations, Importers/Exporters and Municipal and District Assemblies (MDAs) as well as other state agencies.

Mr Charles Ansong Dankyi, Senior Manager at the National Insurance Commission (NIC) explained that a Local Marine Cargo Insurance is a full proof Disaster Recovery Plan for an Exporter/Importer, and it includes adequacy of sum insured (cost, freight, and duty) and adequacy of cover.

This kind of insurance covers Importers/Exporters against loss of damage resulting from perils by sea, air or land including the in-land transit in accordance with section 222 of the Insurance Act 2021 (Act 1061) and requires that all imports into the country are insured locally except for personal effects.

He said apart from the local insurance being a requirement, “there is a peace of mind with guaranteed protection of investment and business continuity”.

Mr Dankyi disclosed that for all exporters/importers to be insured, the Bank of Ghana was being encouraged to ensure that every credit facility given to an importer /exporter would have local cargo insurance cover with the banks’ interest noted on the certificate.

As part of the NICs commitment for continuous stakeholder engagement with the public and especially the shipping and importing community on taking local insurance, plans are far advanced for digitising  issuance of certificates of marine cargo insurance for efficiency and confidence.

Mr Dankyi, indicated that a separate claim guideline was being worked on for marine cargo insurance to enhance the claims process adding that currently, Marine claims were governed by the General Insurance Claims guidelines.

He, therefore, urged the participants to make insurance an integral part of their business strategies and investments especially marine cargo insurance for guaranteed investments adding that “the Marine perils destroys but insurance restores.”

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