State Insurance Company (SIC) Ghana Marine Insurance

SIC’s marine portfolio consists of hull and cargo.

Sponsored Link

The cargo business covers insurance of goods carried on board ships or vessels and aircrafts. The hull business covers the insurance of ships, fishing vessels etc as well as the liability coverage of ports and harbour operators, stevedorers, shorehandlers, ship repairers and third party liability coverage of vessel owners or operators.

  • Marine Cargo Insurance

SIC’s Marine Cargo Insurance Policy offers protection against loss, theft or damage to goods/property conveyed by sea and waterways such as rivers, lakes and canals, as well as personal effects carried by air are also covered. This ensures that investments of importers and exporters are safe.

Sponsored Link

The Marine Cargo Insurance can also be used as collateral to establish letters of credit with the banks.

Importers and Exporters are faced with many and varied risks associated with goods in transit. The SIC Marine Cargo Policy offers two main covers namely;

  1. Interim Cover
  2. Open Cover


The Marine Interim Cover protects Importers and Exporters who do not yet have full details of their shipment to be insured once they provide the suppliers invoice.


With the Open Cover, SIC agrees to insure and the Insured agrees to declare all imports and exports on receipt of the bill of laden. This cover gives you 24hour protection all year round and grants you automatic insurance even before you think of your imports and exports.

  • Marine Hull Insurance

The SIC Marine Hull Policy insures ocean-going vessels, crafts and fishing vessels.The Policy specifically covers loss or damage to:-

  • Hull & Machinery of the Ship or Vessel
  • The Legal liabilities of the ship owners on the high seas. This includes collision and negligence of the master and crew.
  • Disbursements and Stores
  • Marine Liability Policies

The Marine Liability Policies includes the following:

Ship Repairers Legal Liability Policy:

This policy offers a ship repairer indemnity for loss of or damage to vessels in his care, custody or control. Cover extends to loss of or damage to machinery or equipment of any vessel whilst such machinery or equipment is removed from such vessel during repairs.
Removal of Wreck

Stevedoring and Shore handling Liability Policies: 

These policies are designed to meet liabilities that may arise from loss of or damage to third party property i.e. cargo and vessel due to stevedoring and Shore handling operations.
Stevedoring operations involves the loading and unloading of vessels and Shore handling operations on the other hand involves the movement of cargo from the port warehouse to the quay alongside ship for loading or the movement of cargo from quay to port warehouse.
Shore handling operations commence where stevedoring operations end in the case of imports and stops where stevedoring operations commence in the case of exports.
The policies also cover death or bodily injury to third parties arising from stevedoring/Shore handling operations.
Plant & Machinery not owned but hired to the operator(s) are covered as well.