CIC Marine Insurance provides homegrown solutions for large, medium and small importers #AD

From 14th February 2025, the government is implementing a directive that requires all goods destined to Kenya to have a mandatory marine cargo insurance certificate issued by a locally incorporated insurance company in line with the provisions of section 20 of the Insurance Act cap 497.

This enforcement serves to support the growth of local insurance industry and ensures that local importers benefit from comprehensive Warehouse to Warehouse cover unlike foreign marine policies which terminate at the destination port. Buying local insurance also fosters faster claims processing through effective services while the insuring public enjoy regulatory protection a benefit that was not availed by foreign marine covers leaving importers with little recourse in case of disputes.

The directive is also beneficial to the importers as they will no longer have to deal with currency exchange challenges which eliminates the hurdle experienced with foreign marine insurance covers.

CIC Marine Insurance provides comprehensive coverage against various risks associated with cargo imports, safeguarding businesses from loss events that result from God or man-made risks such as e.g. earthquake, tsunami, water damage, volcanic eruption, flood, land slide, fire, explosion, general average, jettison.

CIC's Marine Insurance also offers protection against risks arising from storms, collisions, and ship sinking, as well as damage to cargo caused by contact with fixed or floating objects.

War and war-like operations is also extended to cover losses suffered in the high seas following civil war, revolution, strike riot and civil commotion.

Starting from basic premium as low as Ksh.2,500, CIC's Marine Insurance is a transit risk policy that covers cargo from the originating warehouse or port of origin, to destination warehouse. It provides comprehensive protection for both high-value and small-scale imports, including Machinery, raw materials, motor vehicles, heavy commercial vehicles, and consolidated cargo. Cargo covered includes Bulk, break bulk, containerized or non-containerized.

CIC General has made significant investments to make the cover accessible to customers, who can purchase it through the CIC Easy Bima, portal, signed partner portals selling CIC Marine Cargo insurance or by visiting CIC offices or through brokers, agents, and bancassurance partners.

Due to CIC's reputation of making speedy settlement of claims, the company has won contracts to provide all-round marine cover to major importers across all industries to small and medium enterprise commodity traders, regulatory bodies, directly as well as through maritime partners including clearing and forwarding agents. Other players in Marine Trade like banks, project contractors, local traders, shipping companies and fleet operators also rely on CIC General for their Marine Insurance services.

Overall, CIC General's end-to-end marine cover solutions means comfort to customers with goods in the high seas, during clearance, and storage at the ports, as well as while on transit from port of discharge to a customer's warehouse.