CHAPTER ONE
Insurance is a fascinating area of study which covers many areas including life, motor, contractor’s all risk, goods-in-transit, fidelity bonds, fire and Burglary, workmen’s compensation personal accident and marine.
In Nigeria, however, many people hunk that it is only concerned with life, fire and motor. Some insurance companies also have the motion that only profitable areas in insurance are generally accident, fire and life. Marine insurance is not given adequate attention and its value as an income generating source is overlooked. Professionally the concept of insurable interest is seldom attached to marine insurance at inception whereas insurable interest exists for other classes of insurance at inception.