Minet Launches Digital Marine Cargo Insurance to Support Importers Under Kenya’s New Regulations

As global trade becomes faster and more complex, the risks facing importers continue to evolve, and so must the systems that protect them. This evolution took a decisive turn when the Insurance Regulatory Authority and the Kenya Revenue Authority issued a joint directive requiring all importers to procure marine insurance via electronic platforms provided by insurance service providers starting February 14, 2025. This directive builds on the Finance Act of 2017, which amended the Marine Insurance Act, Cap 390, which made it mandatory for all imports into the country to be insured by locally licensed insurance companies. The intention of this law was to guarantee efficiency in the event of claims while at the same time promoting growth of the local insurance ecosystem. Marine Cargo Insurance exists because the journey of goods is never guaranteed to be smooth. In its movement by sea, air or land, cargo is often exposed to a wide range of risks, including fire, explosions, natural disasters, capsizing, derailment and collisions. Cargo may be discharged at ports of distress, exposed to theft, piracy, hijacking or even jettisoned to save a vessel in peril. Without adequate insurance, any of these events can turn a routine shipment into a significant financial loss. Recognising these realities, Minet has developed a user-friendly online platform that enables importers to procure marine cargo insurance quickly and conveniently. The platform aligns seamlessly with the new regulatory requirements, offering a compliant and efficient way to secure cover without unnecessary delays. Beyond digital access, Minet differentiates itself through expert marine insurance advisory services designed to support both individuals, SME’s and corporate clients across the entire supply chain. Why Choose Minet for Marine Insurance Advisory? • Comprehensive Risk Assessment: We proactively identify potential risks across your supply chain and advise on measures to mitigate exposure before losses occur. • Tailored Solutions: We guide clients in selecting the most suitable marine insurance cover based on cargo type, transit mode and operational needs. • Claims Advocacy: Marine insurance claims can be complex and technical. Minet acts as a trusted advocate, supporting clients through notification, documentation and engagement with underwriters to ensure efficient and fair claim settlement. Premiums are determined by factors such as the nature and value of the cargo, the chosen mode of transport, the route taken and the type of vessel used. This approach ensures fair pricing that accurately reflects the level of risk involved in each shipment. Minet also leverages its market expertise to negotiate competitive premiums on behalf of clients, ensuring value without compromising cover. Supporting Individual Clients Shipping personal effects or high-value items can be stressful, particularly when moving across borders. Minet’s risk advisory services ensure individual clients have the right insurance solutions to protect their valuable belongings throughout transit. What Minet Offers individual clients: · Expert recommendations on suitable coverage against theft, damage and natural disasters. · Advisory support on premium options based on shipment size, voyage and declared value. · Clear guidance on policy terms, exclusions and claims procedures to eliminate uncertainty. Supporting Our Clients For businesses, disruptions in cargo movement can directly affect cash flow, contractual obligations and business continuity. Minet provides tailored marine insurance advisory services to help businesses safeguard their assets and maintain operational resilience. What Minet offers clients: · Advisory support on coverage options for different types of goods, including bulk and non-bulk cargo. · Guidance on selecting appropriate coverage aligned to the nature and sensitivity of the goods involved. · Negotiation of competitive premiums through access to a broad network of insurers. · Strategic guidance on risk mitigation measures to minimize potential losses across the logistics chain. Within this framework, it is important for importers to have a clear understanding of what the cover entails. Standard marine cargo insurance focuses on protecting goods against physical loss or damage during transit and does not extend to delays, although additional cover may be arranged for clients with specific operational needs. As with all insurance policies, certain exclusions apply, including losses caused by inadequate packaging, normal wear and tear, or deliberate misconduct. Getting Started with Minet’s Digital Marine Insurance Solution To explore Minet’s digital marine cargo insurance platform, importers and businesses can contact our 24 hour call center on 0719044000 or email info@minet.co.ke. Our team is ready to guide you through registration, coverage options and claims procedures, ensuring a seamless and compliant marine insurance experience.