Local Marine Cargo Insurance Mandatory to Import in Kenya
Kenya Revenue Authority (KRA) will require importers to use local insurers for Marine Cargo Insurance (MCI) as from January 1, 2017. Forwarders and logistics providers in Kenya are now following the new guidelines and system which is in place and straightforward. Marine cargo insurance policies protect the insured against losses incurred following loss or damage to the goods while in transit. Perseus Forwarders, can arrange for you the insurance.
Usually, the cover is against all risks subject to certain exclusions depending on the description of goods and packaging. It is also important to note that this does not apply to transit cargo passing through Kenya. This was a directive from Treasury Cabinet Secretary, Henry Rotich’s June 8, 2016 budget speech. The directive is now being implemented since the beginning of this year 2017. What is clear is that there is still significant apprehension among some importers, one of the main concerns of the importers has been the capacity of local underwriters to handle large shipments. Local insurers are taking steps towards addressing these concerns.
