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London Underwriters Classify Nigeria War Zone
Vanguard (Lagos) NEWS March 10, 2004 Posted to the web March 10, 2004
By Ifeanyi Ugwuadu
...issues general warning to vessels
Nigeria has been declassified by British underwriters following an agreement by leading Hull War Risks insurers to cancel covers for vessels bound for the country. The implication of the notice for cancellation is that ships sailing to Nigeria would pay higher premium to get cover from underwriters.
In addition to higher premium for vessel operators, all Nigeria-bound cargoes will incur higher freight while newer vessels may not come to the country for fear of being destroyed in the event of war outbreak.
Specifically, the cancellation is directed at:
*All contracts of insurance for time covering war risks which contain both trading warranties and a cancellation clause and or provision for amendments of the Trading Warranties; and
*All contracts of reinsurance including treaties covering war risks for time containing (either explicitly or by reference) both Trading Warranties and a cancellation clause and/ or provision for amendment of the Trading Warranties.
The country's marine underwriters has since received the notice of cancellation and are making moves to persuade the London insurance market to reverse the cancellation which lumped Nigeria with 20 other countries excluded from vessel risks covers.
Sources in the insurance market believe that the cancellation may have been a misjudgement of events in the country by British underwriters. They disclosed that the action may have been a direct response to the alleged kidnap of some Britons working at oil installations by restive youths in Niger-Delta area.
The local marine underwriters said it was not right on that account to classify the whole country as war-prone zone. Instead, they suggested that the area in question should be measured in latitude and classified. But one of the sources gave indication that efforts are being made to draw the attention of the London market to the 'error'.
"Our country is not in a state of war as you can see", a marine underwriter observed, alleging that action of members of International Underwriting Association of London and Lloyds Underwriters Association was not proper adding that it may be a 'retaliation' initiated by the British government.
A notice by the Joint War Committee of the Lloyds market stated, "following the agreement between the leading Hull War Risks Underwriters, the following amendments have been made to the War Risk Trading Warranties". This amendment removed Indian Ports North of 18 degrees North, and West of 73 degrees, East which includes Nigeria.
The notice advised members who issue most covers to vessels coming to Nigeria to "take necessary action forthwith in connection with the excess loss reinsurance contracts excluded" by the notice and "also direct reinsurance treaties and contracts other than those placed by Lloyd's Brokers which contain a cancellation clause".
Other countries also on the exclusion list include: Israel, Libya, Lebanon, Liberia, Sri Lanka, Sierra Leone, Somalia, Oman, Syria, Egypt, Algeria, Pakistan and others. Vessels sailing to these territories are currently excluded from Hull risks covers. These excludes cargoes risks
___________________ Feel me? Ofu onye ana asi unu abia go. - Ednut Igbo-American . www.airamericaradio.com visit her. Posts: 2447 | From: Mother Earth | Registered: Mar 2001
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Where do this people get there training from, simple research could have helped them here instead of writing falsehood and even the editors don't have time to correct this type of careless error.
quote:A prominent indigene of Aba in Anambra, Okpala till his death played a major role in efforts to restore peace in the State after a botched attempt to remove the State Governor, Chris Ngigie, from office.
Okpala, ‘Power Mike’, World Heavy Weight Champion, is Dead By Bode Ayodele and Christian Okpara
Former World Heavy Weight Wrestling Champion, Chief Mike Okpala is dead.
He reportedly died yesterday morning at the National Hospital, Abuja after complaining of body pains.
Sources said the wrestler had shown no indications of previous illness before the incident.
Okpala, popularly known as "Power Mike" due to his exploits in the ring, was until his death involved in sports promotion.
His Abuja-based outfit, Power Mike International Promotions, had aside the organisation of numerous wrestling bouts, organised a yearly boxing tournament in memory of the late Nigerian boxing legend, Dick Tiger.
Tagged the Dick Tiger Memorial Tournament, the event featured some of the country's most accomplished boxers, including Jerry Okorududu and Billy Savage.
Former President of the country, Ibrahim Babangida, had once graced an edition as the Special guest of honour.It was however later discontinued, in Okpala's own words, "due to lack of funds."
His love for other sports knew no bounds as he is known to have celebrated and thrown his weight behind other sporting events ,including the recent Champions League victory recorded by Enyimba F.C of Aba from where he hailed..
A prominent indigene of Aba in Anambra, Okpala till his death played a major role in efforts to restore peace in the State after a botched attempt to remove the State Governor, Chris Ngigie, from office.
He (Okpala) served as a member of the National Peace Committee, a body made up of concerned non-partisan elders, called upon to wade into the crises.
Commenting on the crises recently Okpala likened it to a "person who set his own house on fire."
He had advised all involved to set aside their individual differences towards "searching for a lasting solution in the interest of the yet- to -be born.
___________________ Feel me? Ofu onye ana asi unu abia go. - Ednut Igbo-American . www.airamericaradio.com visit her. Posts: 2447 | From: Mother Earth | Registered: Mar 2001
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My atakA friend where have you been? Me I no dey some nothing oh, I was commenting on the fact that a nigerian trained journalist wrote that Aba was in Anambra State.
Make you welcome from whereever you were.
___________________ Feel me? Ofu onye ana asi unu abia go. - Ednut Igbo-American . www.airamericaradio.com visit her. Posts: 2447 | From: Mother Earth | Registered: Mar 2001
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Hi tundE, my usO friend? What's the article about Power Mike doing in your thread about London Underwriters?
Posts: 113 | From: USA | Registered: Aug 2001
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