Contract
Blockchain in Maritime Operations in Nigeria
There is a groundbreaking development in the realm of maritime operations: the integration of blockchain technology. Embracing blockchain in maritime activities will not only revolutionize the industry but also pave the way for increased efficiency, transparency, and security. Understanding Blockchain in Maritime Operations Blockchain, the technology behind cryptocurrencies like Bitcoin, is a decentralized and distributed ledger that records transactions across multiple computers in a secure and transparent manner. This technology has the potential to address […]
Understanding the Key Elements of a Charter Party Agreement in Nigeria
Understanding the key elements of a charter party agreement in Nigeria is not only crucial but fundamental for participants in the dynamic maritime industry. As a pivotal legal document, a charter party agreement outlines the terms and conditions governing the contractual relationship between the vessel owner and the charterer. In the context of Nigeria, a nation with a substantial maritime sector, these agreements play an integral role in facilitating the transportation of goods and passengers. […]
A Guide to Third-Party Motor Insurance in Nigeria
When involved in an accident, many individuals tend to cover the expense of repairs from their own pocket, despite having insurance coverage. While this is a common practice, it is incorrect, a big mistake and one that primarily benefits insurance companies. Introduction: As a first step, let us provide you with a brief overview of third-party motor vehicle insurance in Nigeria. Third-party motor insurance is a type of insurance policy that covers the policyholder against […]
THE PRINCIPLE OF UTMOST GOOD FAITH
By Vanessa Irenuma The principle of utmost good faith, often referred to as uberrimae fidei, is a fundamental and longstanding concept in the insurance industry. It embodies the idea that both the insurer (the insurance company) and the insured (the policyholder) must act honestly and in good faith when entering into an insurance contract. This principle serves as the bedrock of insurance agreements, shaping the relationship between the two parties. This doctrine of utmost good […]
MATERIAL FACTS IN AN INSURANCE CONTRACT
By Vanessa Irenuma MATERIAL FACTS IN AN INSURANCE CONTRACT A “material fact” in an insurance contract refers to a key piece of information or detail that could significantly influence the terms and conditions of the insurance policy. Insurance companies rely on the accuracy and completeness of information provided by the policyholder to assess risk and determine the premium, coverage limits, and terms of the policy. Failing to disclose material facts or providing false […]