Importers, exporters schooled on Marine cargo Insurance

The Marine insurance mitigates the risk of potential losses and damages both on sea and land on cargo at a fraction of the cost.

The Acts 724 of 2006 established the law governing the sector and enjoining industry players in the International trade to conform to home insurance policies and regulations.

Mr Charles Darling Asiedu Sey, the Takoradi Branch Manager of the Authority at the opening of the session said the workshop followed numerous complaints from clients regarding the Sector.
“The Authority is inundated with complaints concerning loss of cargo, damage to cargo and non-arrival of cargo”.

He added that the volume of sea Borne trade was significant enough to pay attention to that sector to deal with the many challenges and risks including the known perils of sea transport.

Mr. Sey said Marine Cargo Insurance was prudent for shippers to take to enable them to shift risks and challenges to Specialist risk bearing under writers.

The workshop would therefore exposed them to the sector to understand, discuss peculiar issues relating to claims and advance the need for marine insurance policy to protect shippers interest.

Mrs. Getrude Ohene Asienim, a Consultant and Micheal Mawufemor Dzikunu, a Lecturer took participants through the various sessions under consideration.

In the Marine cargo Insurance, affected persons are to inform insurer of the notice of loss, damage or shortage immediately it occurred as well as write to all carriers placing them on notice of claim.

Meanwhile, there were statutes of limitation to notify the carrier of loss, damage, or non-delivery.

The consignor has the following responsibility to prevent loss and damage during normal transportation and handling; Proper packaging, proper markings on the packaging, proper description on the shipping papers and all existing tariff and shipping regulations followed.
GNA