OLA ALOKOLARO, JACOB FAMODIMU & LAZARUS KALU
BACKGROUND
A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure.[1]Marine insurance refers to that branch of insurance concerned with the insurance of ships as well as their freight and cargo against maritime risks or perils of the sea. Marine insurance therefore enables shipowners and the owners and buyers of goods to operate their respective businesses while relieving themselves of the burdensome financial consequences of their properties being lost or damaged as a result of perils of the sea.
Where a dispute arises between an insurance company and a shipowner or cargo owner in respect of a marine insurance policy, the aggrieved party needs to commence an action in court within the time prescribed by law, otherwise the aggrieved party may lose the right to sue. The case under review examines the dispute as to the time within which to institute a marine insurance claim in Nigeria. It also highlights the implication of the decision for the maritime industry.
