Business Daily Kenya:
Resolution Insurance will be the latest entrant into marine cargo underwriting for import along with exports following the coming into force of a fresh law which compels importers to buy policy via local firms.
The company will be offering tailor-made marine cargo products for accidental loss or damage to goods on transit by sea, air along with land. Several some other local insurance firms have already rolled out the marine cargo insurance covers. Insurance Regulatory Authority (IRA) estimates which the marine cargo sector will be valued at Sh17 billion.
“The product dubbed Resolution Marine Cargo, provides tailor-made solutions to meet the most diverse marine cargo insurance needs for freight, logistics along with shipping, clearing along with forwarding companies,” said Resolution Insurance managing director Alice Mwai.
About 0 per cent of cargo import insurance will be currently handled by foreign firms with importers usually paying the premiums as part of a package to the exporter who handles the underwriting.
“We pride ourselves in providing extremely high standards of service to both our partners along with clients, along with we are committed to providing innovative responses tailored to their requirements.
Resolution Insurance has an experienced marine cargo claims team along with international partners ready to meet international standard needs of client’s business.’ she added. Mwai said the covers will also be available for agencies directly importing along with exporting goods.
“With the growing popularity along with convenience of online commerce, customers can buy Resolution marine cargo insurance when importing merchandise anywhere around the planet,” Mwai said. She said tapping into cargo insurance was part of which business strategy on product diversification along with deepening insurance penetration from the country.
“The cover will be classified into three types namely All Risks, Basic along with Restricted Covers which offer insurance of cargo for different types which can be insured including grain in bags, sugar, fabric, crude oil, textile materials as well as leather goods,” she added.
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Resolution rolls out marine insurance