Marine Cargo Insurance Calculator

How much Marine Insurance?

Marine insurance is the insurance taken to cover cargo (goods), hull (Vessels such as ships), as well as other incidental losses/liability when transporting goods, in international trade from country to county. Marine insurance applies to goods transported by sea and air and also extends to road and/or rail to final destination. The Insurance Act states that "No insurer, broker, agent or other person shall directly or indirectly place any Kenya business other than re-insurance business with an insurer not registered in Kenya without the prior approval, whether individually or generally, in writing of the Commissioner" Importers have in the past insured their goods in the country of origin, through their suppliers. During the budget speech of 2016, The Treasury Cabinet Secretary announced plans to enforce this law starting 1st January 2017. To achieve this, customs department will not clear imported goods unless marine insurance is placed with an insurance company registered in Kenya.
As of January 1st, 2017 the Kenya Revenue Authorty (KRA) customs department will not clear goods from without proof of marine insurance from a Kenyan insurance company. Importers who ship on CIF need to renegotiate shipment terms that exclude insurance, to avoid double-insurance.
  • Convenience - Claims will be lodged with local insurance companies
  • Speed – Faster cover placement and compensation of claims in case of loss
  • Affordable - More competitive premiums
  • Control - Importers have more control on the insurance placed, scope, and terms and conditions
  • Growth of local insurance companies
A comprehensive marine insurance will cover the following:
  • Storage risks (Static Risks)
  • Fire and explosion
  • Theft and robbery
  • Collision, overturning and accidents
  • Water damage
  • War and related perils
  • Strikes, terrorism and political violence and others