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. 

According to her, importers who failed to purchase local insurance still paid an insurance element during customs valuation but did not enjoy the corresponding insurance benefits. 

Mrs Buampong said insurers were regulated by the National Insurance Commission, providing policyholders with an avenue to seek redress where disputes arose. 

She cited ship collisions, fires, grounding, water damage and general average contributions as examples of the risks businesses could face during international trade. 

She encouraged businesses to invest a relatively small amount in protecting consignments that often represented substantial capital. 

Mrs Buampong said continuous public education was helping to address misconceptions about insurance and improve public confidence in the industry. 

She stressed the importance of importers providing accurate information on cargo values, destinations and transport arrangements when purchasing marine cargo insurance to avoid disputes and inadequate compensation in the event of loss. 

She noted that undervaluing cargo to reduce insurance premiums could significantly reduce compensation payable after a loss, explaining that insurers relied on accurate information to provide appropriate cover. 

Mrs Buampong advised importers to disclose the nature of their cargo, where insurance should commence and end, whether goods would be trans-shipped, and whether inland transportation would continue after discharge at the port. 

She explained that such information enabled insurers to assess the full range of risks involved throughout the logistics chain. 

According to her, importers could insure goods from the supplier’s warehouse through to their own warehouse in Ghana, depending on the applicable trade terms. 

Mrs Buampong also explained the different levels of marine cargo insurance, noting that Clause A provided the widest protection by covering all risks except those specifically excluded, while Clauses B and C offered more limited cover depending on the nature of the cargo. 

She urged businesses to seek professional advice before selecting the most appropriate policy for their consignments. 

Mrs Buampong said proper disclosure ensured importers received adequate protection and reduced the likelihood of disputes during claims processing.