Kenya Regulatory Update: Mandatory Marine Cargo Insurance from 14 February 2025
A new regulatory requirement for all marine product imports into Kenya will come into effect on 14th February 2025. The Insurance Regulatory Authority (IRA) and the Kenya Revenue Authority (KRA) have jointly announced that all importers must obtain Marine Cargo Insurance from a locally licensed insurer, as per the Insurance Act, CAP 487, Laws of Kenya, before receiving customs clearance.
For our customers, this insurance will be arranged by Oximio and will be a mandatory document for shipping approval. The cost will be included as a Pass Through Cost (PTC), and details for compliance will be communicated.
Below are the key changes that will affect your operations:
- Insurance Changes: With insurance now being provided locally, you will need to review your terms of purchase and engagements with your suppliers to exclude the insurance element in cases where the Incoterms were previously CIF.
- IDF and Marine Insurance Procurement: Marine insurance procurement can only proceed once the Import Declaration Form (IDF) has been completed in KRA’s ICMS system. This form is now a mandatory document and will be used as the key reference point for all certificates going forward. Please ensure to capture the IDF number in your email heading for all marine requests moving forward.
- Additional Transaction Charges: Additional transaction charges may be introduced through the IRA portal, this is still pending confirmation.
- Validity of Existing Marine Certificates: The marine cover notes/certificates issued before 14th February 2024 will no longer be valid for cargo clearance and will need to be recalled. Kindly prepare a list or schedule of marine certificates that are yet to be cleared at the port, so we can notify Mayfair Insurance to have them reissufed on the digital platform.
Oximio in Kenya
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