From left: Dr. Wilson Arikpo; Monday Ogadina; Adewale Adetoro; Kingsley Alele and Uchenna Duaka, all members of board of Trustees, Guild of Marine Surveyors at the event.
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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has pledged to support the Guild of Marine Surveyors to attain success and enhance marine business in Nigeria, even as the Guild inducted 51 members.
The Director General of the NIA, Mrs Yetunde Ilori, who said this while speaking on the theme, ‘Role of Marine Surveyors in Marine Insurance’ at the 2018 Guild of Marine surveyors membership induction today in Lagos, noted that the NIA is ready to assist the surveyors in whatever way it can.
Mrs Ilori, who was represented by the Senior Manager/Head of Marine Department, Industrial and General Insurance Plc, Mrs. Florence Oladimeji, maintained that as partners in progress underwriters and Marine Surveyors should work hand in hand for the success and enhancement of Marine business in Nigeria.
She posited that surveyors are arrow heads of marine business, adding that no serious underwriter can complete a marine business without surveyors. She said underwriters depend on surveyors to decode what customers really want.
“Marine surveyors play very important role in the business of marine insurance. Marine Insurance business consist of three broad arrears namely marine cargo, marine hull and machinery and marine liabilities. In determining the acceptance of any marine business, an underwriter will depend on the report of the marine surveyor. Survey is intended to assist insurance underwriters in making underwriting decisions,” she said.
She urged the surveyors to execute their roles professionally, stressing that the surveyor’s report acts as their work product that represents to the industry the degree of their professionalism and competence, and upon which their works will be judged
“When receiving a survey report, most likely the first thing the underwriter will look at is the Recommendations section, for this is the section that tells him most about the condition and insurability of the vessel.
“The recommendations section should consist of statements of fact pertaining to any and all deficient, substandard or dangerous conditions as would affect the safety and seaworthiness of the vessel or its passengers.
“The recommendations should include a statement of generally how a deficient condition should be restored to acceptable condition,” she added.
The President of the Guild, Monday Ogadina, who also is the Regional Director (West Africa), International Institute of Marine Surveying United Kingdom, noted that the body will continue to partner underwriters to move insurance industry forward.
He noted that the the Guild had planned to organise a seminar on rate cutting, stressing that the menace of rate cutting by insurers, affect surveyors as they are paid out of the business undertaken by the underwriters.
He also urged underwriters to review up ward the fee paid to surveyors, noting that surveyors work day and night, but are not adequately compensated.
Amongst the inductees are, five fellows; 15 full members; 19 associates; nine graduates and four students.
