Treat cargo insurance as investment, not cost, businesses advised
Mercy Naa Korshie Buampong of Serene Insurance urges businesses to view marine cargo insurance as a vital investment for business continuity rather than an operational cost. She highlights that the cost of premiums is minimal compared to the potential financial devastation of cargo loss.
Why it matters
Encouraging proper insurance coverage helps stabilize international trade and protects businesses from significant financial risks during transit.
Mrs Mercy Naa Korshie Buampong, Chief Executive Officer of Serene Insurance Company Limited, has urged businesses to regard marine cargo insurance as an investment in business continuity rather than an additional operational cost.
She said the cost of insuring imported cargo was relatively low compared with the potentially devastating financial losses businesses could suffer when goods were damaged or destroyed.
Mrs Buampong made the remarks during a media forum organised by the Ghana Ports and Harbours Authority (GPHA).
She said marine cargo insurance premiums generally represented a small proportion of the value of imported goods while providing significant financial protection.
She explained that cargo insurance covered not only the value of the goods but could also include freight charges and certain customs-related costs. Insurance
She noted that importers whose goods arrived damaged were still required to pay customs duties, making insurance essential for recovering losses.
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