#demurrage #detention #claimsettlement #marinecargo
- Our interactions with some of our clients and fraternities got us the following insights on their pain-points w.r.t. Assurance cargo insurance,
- Lack of Specialization in Marine Insurance – This is a big one. They (the consultants) should’ve known this is not your average general insurance.
- Difficulty Assessing Credibility – Yeah, no proven track record to support their fitness to take up special assignments.
- Overlapping Responsibilities
- Complexity of Policy Terms
- Varied Coverage Needs
- Delays in Documentation & Certificates
Cargo insurance often requires quick issuance of insurance certificates for customs clearance. If an advisor is slow, it can disrupt CHA operations and lead to detention/demurrage. - Hidden Costs or Inadequate Premium Guidance
Some advisors may not disclose additional costs, deductibles, or exclusions, leaving CHAs or their clients facing unexpected expenses during claims. - Poor Claim Support
Oh, the disappearance during the claim process! If you want to know what we did last summer, then here it is –
Record-Breaking Claim Settlement – Fire Insurance
We successfully settled the fire insurance claim for M/s Frootle India Pvt. Ltd., reported on 27th April 2024, for a substantial claim amount of ₹52.00 Crores.
The entire claim was settled in a record-breaking timeframe of just 6 months, with the final payment released in October 2024.
Incident Location: Harihar Complex, Mumbai–Nashik Highway, Bhiwandi, Thane.
That’s swift and fair settlements brought to you by unmatched expertise and client-first approach claim handling, rapid coordination, top it up with peace of mind.. - Regional Knowledge Gaps
Cargo insurance requirements can vary by port, country of shipment, or type of cargo. If an advisor lacks global trade knowledge, coverage may fall short. - Reputation Risk for CHAs
If a CHA refers a weak or unreliable advisor, the importer/exporter blames the CHA. Hence, finding a trustworthy advisor is not just about service, but also about protecting their own professional credibility.
