MARINE INSURANCE ACT

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MARINE INSURANCE ACT

CHAPTER M2 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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ARRANGEMENT OF SECTIONS

1.      Short title, etc.

Preliminary 

2.      Interpretation.

3.     Marine insurance defined.

4.     Mixed sea and land risks.

5.     Marine adventure and maritime perils defined.

Insurable Interest

6.     Avoidance of wagering or gaming contracts.

7.       Insurable interest defined

8.     When interest attaches.

9.     Defeasible or contingent interest.

10.    Partial interest.

11.    Re-insurance

12.    Bottomry.

13.    Master’s and seamen’s wages.

14.    Advance freight.

15.    Charges of insurance.

16.    Quantum of interest.

17.    Assignment of interest. 

Insurable Value  

18.    Measure of insurable value.

Disclosure and representations

19.    Insurance is uberrimae fidei.

20.     Disclosure by assured.

21.    Disclosure by agent effecting insurance.

22.    Representations pending negotiation of contract.

23.    When contract deemed to be concluded. 

The Policy

24.    Contract to be embodied in policy.

25.     What policy must specify.

26.    Signature of insurer.

27.    Voyage and time policies.

28.    Designation of subject-matter.

29.    Valued policy.

30.    Unvalued policy.

31.    Floating policy by ship or ships.

32.    Premium to be arranged.

Double Insurance

33.    Double insurance. 

Warranties, etc

34.     Nature of warranty.

35.    When breach of warranty excused.

36.    Express warranties.

37.    Warranty of neutrality.

38.    No implied warranty of nationality.

39.    Warranty of good safety.

40.    Warranty of seaworthiness of ship.

41.    No implied warranty that goods are seaworthy.

42.    Warranty of legality. 

The Voyage

43.    Implied Condition as to commencement of risk

44.    Alteration of port of departure.

45.    Sailing for different destination.

46.    Change of voyage.

47.    Deviation.

48.    Several ports of discharge.

49.    Delay in voyage

50.    Excuses for deviation or delay.

Assignment of policy

51.    When and how policy is assignable.

52.     Assured who has no interest cannot assign.

The Premium

53.    When premium payable. 

54.    Policy effected through broker.

55.    Effect of receipt on policy.

Loss and Abandonment

56.    Included and excluded losses.

57.    Total and partial loss.

58.    Actual total loss.

59.    Missing ship.

60.    Effect of transhipment, etc.

61.    Constructive total loss defined.

62.    Effect of constructive total loss.

63.    Notice of abandonment.

64.    Effect of abandonment. 

Partial losses including salvage and general average and particular charges

65.    Particular average loss. 

66.    Salvage charges.

67.    General average loss.

Measure of indemnity

68.    Extent of liability of insurer for loss.

69.     Total loss.

70.    Partial loss of ship.

71.    Partial loss of freight.

72.    Partial loss of goods, merchandise, etc.

73.    Apportionment of valuation.

74.    General average contributions and salvage charges.

75.    Liabilities to third parties.

76.    General provisions as to measure of indemnity.

77.    Particular average warranties.      

78.    Successive losses.

79.    Suing and labouring clause.

Rights of Insurer on Payment

80.    Right of subrogation.

81.     Right of contribution.

82.     Effect of under insurance.

Return of  Premium

83.    Enforcement of return.

84.     Return by agreement.

85.    Return for failure of consideration.

Mutual Insurance

86.    Modification in case of mutual insurance. 

Supplemental

87.    Ratification by assured.

88.     Implied obligations varied by agreement or usage.

89.    Slip as evidence.

90.    Gambling on loss by maritime perils prohibited.

91.    Repeals and savings.

First Schedule

Form of Policy

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MARINE INSURANCE ACT  

An Act to provide for marine insurance and to prohibit gambling on loss by maritime perils.

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Short title

1.   This Act may be cited as the Marine Insurance Act.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)