Serene Insurance, one of Ghana’s leading indigenous insurance companies has called on the trading public to purchase its attractive marine insurance policies during the importation and exportation of their goods to and from the country.
Marine Insurance has become imperative for shipping worldwide from both a legal as well as a business perspective. Its importance to international trade cannot be overemphasized.
Speaking on Eye on Port on the impact of marine insurance on Ghana’s Maritime Trade, the Head of Marketing at Serene Insurance, Mrs. Eugenia Agyiri-Tettey entreated the importing public in Ghana to purchase its marine insurance policy which covers transfer of goods from the warehouse of the supplier abroad to the warehouse of the buyer in Ghana.
The Head of Marketing at Serene Insurance explained that purchasing marine insurance saves traders from dire ramifications associated with loss or damage of expensive cargoes.
“These are capital intensive investments. Assuming someone is sending in a 40-footer container of pharmaceutical products from abroad, it can run into billions of cedis. You can’t bank in on hope that it will arrive safely. You have to protect the goods,” she cited.
Mrs. Agyiri-Tettey argued that contrary to the opinion of some sections of the public, the company in addition to its attractive policies, has the capacity and experience to provide marine insurance covers.
She added, “there is what we call reinsurance where once a big claim comes our way, all equally liable companies that we gave insurance to, contribute to pay the claim.”
Contributing to the subject, the Head of Underwriting at Serene Insurance, Mr. Kingsley Akuoku-Boakye, said the patronage of marine policies locally has been woefully inadequate with his company selling just around 500 policies per annum.
While calling for increased patronage of its marine insurance policies, he assured of efficiency when it comes to the payment of claims at Serene Insurance. Kingsley Akuoko-Boakye revealed that both its marine hull and marine cargo categories of insurance should be patronized by actors in the shipping industry.
“Marine hull type insures the vessel against any damage to vessel of any liability assumed from your fault while marine cargo protects the goods on the vessel,” he explained.
He also urged the Ghanaian trading community to purchase these policies which are comprehensive yet, have been simplified to be understood by the ordinary businessman.
The Head of Marketing at Serene Insurance, Eugenia Agyiri-Tettey, however, attributed the low patronage of marine insurance locally to the non-enforcement of the marine insurance act.
She lauded the National Insurance Authority for its current drive to enforce the law requiring marine insurance to be purchased locally. “NIC is doing very well when it comes to reinforcement.
So, when the law is fully enacted and there is a penalty attached, I am sure most people would start purchasing insurance here.”
The Executives at Serene Insurance said not only are customers guaranteed quality services, but their rates are competitive, flexible, custom-made and can be negotiated to suit the need of clients.
They urged the Ghanaian trading public to support indigenous companies like Serene Insurance to retain money in Ghana that would grow the local insurance industry.