A damaged or missing shipment can trigger financial difficulties far beyond the value of the goods, exposing Ghanaian importers and exporters to working capital losses, disrupted production, unsettled bank loans and threatened jobs.
For businesses dependent on imported raw materials, machinery and finished products, inadequate understanding of marine cargo insurance could turn transportation incidents into wider operational and financial setbacks.
Insurance Claims Specialist Group (ICSG) Limited is seeking to address this exposure through a public education campaign designed to improve businesses’ understanding of compulsory marine cargo insurance and the procedures for recovering losses when shipments are damaged or missing.
The initiative, being undertaken in collaboration with the Importers and Exporters Association of Ghana (IEAG), will focus on insurance requirements, policy conditions, claims documentation and the steps businesses must take when cargo losses occur.
Chief Executive Officer of ICSG, Dennis Tufour, said many businesses concentrated on obtaining insurance certificates without paying sufficient attention to the conditions governing their coverage and the procedures required to secure compensation.
He said cargo risks extended across the transportation and logistics chain, including physical damage, theft, fire, accidents, contamination and deterioration.
For import-dependent manufacturers and traders, such incidents can create a chain of financial obligations. A delayed or damaged consignment may interrupt production schedules, affect supply contracts and leave businesses struggling to meet loan repayments while waiting for replacement goods or insurance settlements.
Mr Tufour said businesses needed to understand policy exclusions, notification requirements and other conditions before shipping their goods.
He also emphasised the importance of maintaining accurate shipping and commercial records, reporting incidents promptly, preserving evidence and obtaining professional assessments to establish the nature and extent of losses.
ICSG provides specialist services in cargo inspection, loss assessment, evidence documentation and the preparation of reports to support insurance claims.
The campaign will use television, radio, print and digital platforms, alongside stakeholder engagements, workshops and educational materials to reach businesses across the country.
Small and medium-sized enterprises are expected to receive particular attention because limited financial reserves often make them more vulnerable to individual shipment losses.
For smaller importers, the loss of a single consignment could affect cash flow, stock availability and their ability to fulfil customer orders, making effective insurance protection an important part of business continuity.
Beyond cargo insurance, ICSG is also raising concerns about the adequacy of compensation limits for personal injury and death under the framework commonly referred to as CAP 21.
Mr Tufour is calling for a review of the compensation limits to reflect prevailing economic conditions, particularly rising medical and rehabilitation costs, inflation, income losses and the long-term financial consequences of disability.
He said existing compensation arrangements needed to account for the financial burden placed on victims and their families, especially where serious injuries permanently affected an individual’s ability to work.
The death of a household breadwinner, he noted, could also undermine family income, children’s educational opportunities and the financial security of dependants.
ICSG intends to engage regulators, policymakers, insurers, legal professionals, medical experts and representatives of victims to examine the adequacy of the existing limits.
The proposed discussions are expected to draw on claims data, actuarial assessments, medical evidence, legal principles and prevailing economic conditions to develop recommendations that balance victim protection with the sustainability of the insurance market.
The two issues place insurance awareness and compensation adequacy within a broader discussion about financial protection for businesses, workers and households.
For Ghana’s trading community, stronger understanding of marine cargo insurance could help reduce the financial consequences of shipment disruptions, while a review of personal injury compensation could address the longer-term economic vulnerabilities faced by accident victims and their dependants.
