Property Insurance

Marine Insurance


This type of cover provides protection against losses incidental to exposure of any ship, goods or other moveable items, to maritime perils and coverage provided under this type will be as per institute clauses which are uniformly used in international markets.

Marine cargo insurance relates to insurance of cargoes while they are being transported with incidental storage not only by water but also when they are being transported by air, road/rail, post parcel, courier or any combination of the above.

Marine insurance policy covers not only sea voyage but also purely inland transits through any mode like rail, road, and multimodal.

Type of marine insurance policies:

The subject matter insured under marine insurance includes vessel, cargo and freight. Marine insurance can be broadly classified as either property or liability insurance.

The marine property insurance includes policies for cargo insurance, hull and machinery insurance, and loss of income insurance.

 The marine liability insurance policy related with liabilities arising out of operation and usage of vessel.

1. Cargo insurance

Indemnifies insured against loss of goods or merchandise whilst being transferred from one place to another.

Transit may be by any means, not just ship. It usually covers cargo whilst on land also.

Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis; “A” having the widest cover and C the most restricted.

2. Hull and machinery insurance

This policy protects ship-owners and others with an interest in vessels against expenses that might be incurred in repairing or replacing such property if it is damaged, destroyed, or lost due to covered perils.


Scope of cover

Basically on average some of the covered perils forwarded under institution cargo clauses in common include:

  • Fire: This is a common peril at sea.
  • Jettison: this is throwing of cargo overboard due to either a deliberate act or at the wake of grave danger.
  • Taking at sea: is a situation when the vessel is captured by the enemy or others.
  • Foundering at sea: if a ship has been reported lost and after a stipulated time, there is no news of its whereabouts then it is presumed to be lost due to perils of sea.
  • Collision: is caused when the ship collides with another ship or with other objects, causing damage and all perils similar in nature to ones mentioned in the policy.



Some of common basic exclusions include:

  1.  Ordinary losses such as loss in weight or volume of the insured items;
  2.  Loss, damage, expense caused by inherent vice and insufficient, unsuitable, or defective packing or preparation of goods;
  3.  Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured.

An overview

Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...


Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...


Contact us

Protection House, Mickey Leland Street

Tel: +251-11-6626679/80/76