Tuesday, March 19

Asia’s first marine cargo, container insurance coverage launched


PETALING JAYA: Marine risk management company, Quantum Ivory Sdn Bhd, has launched Asia’s first marine cargo and container insurance coverage, iCargo+, for Malaysian shippers and importers.

Chief Operating Officer, Kua Kok Yee said the coverage is in line with the government’s aspiration to make Malaysia a leading logistics hub.

He believed iCargo+ would reduce by about 80 per cent, the problems and issues faced by Malaysian shippers and importers.

“Previously, when an importer or shipper rented a container to place their goods (cargo) for shipment, they (shippers and importers) would have to purchase cargo insurance from an overseas insurance company, covering only the cargo, and not the container.

“Along the delivery process, if the container owned by the shipping line gets damaged or lost or returned late, they are also responsible and need to pay for any repair, demurrage and detention charges.

“Now, with iCargo+, the cargo content and container are protected if they face situations beyond their control, including natural disasters, accident, theft and a technical shutdown,” he told a briefing on the iCargo+ here yesterday.

Kua said this would save time, avoid unnecessary negotiations between importers and shipping lines, improve profit and efficiency, as well as reduce an outflow of the ringgit to other countries, as insurance coverage can now be purchased online in Malaysia.

“The insurance rate will be compatible to what is being offered by the market,” he added.

Meanwhile, Quantum Ivory’s chief executive officer Chua Hock Peng said the company had conducted a study towards analysing and conducting research on the issue of deposits imposed by shipping lines over the past five years.

“In engaging with relevant parties to mitigate this issue, we hope the importers and shipping lines can work together to benefit their businesses in the long run,” he added.

He also hoped that iCargo+ can reach 200,000 twenty-foot equivalent unit (TEUs) within six months in mainly targeting Port Klang.

The international insurance partners and underwriters for iCargo+ are CHUBB Insurance Malaysia Bhd, QBE Insurance (Malaysia) Bhd and AXA Affin General Insurance Bhd.

iCargo+ can be purchased via Quantum Ivory’s Centralised Logistic integrated Portal (CLiP) at https://clip.com.my/. — Bernama