Cargo insurance covers/compensates a buyer or seller of goods against cargo damage or loss of cargo..
But despite it having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase”..
By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..
One of the common complaints about getting insurance is about the tons of paperwork that needs to be completed and the time it takes for all of it to be done..
Chubb, the world’s largest publicly traded property and casualty insurance company aims to take this pain away from the customers who are interested in having their goods covered..
In an announcement yesterday Chubb announced that it will provide instant shipment insurance on the Networked Trade Platform (NTP) via its Value-Added Service (VAS) listing..
Catering to the needs of the transport community, a wide range of goods including commercial containerised cargo, household goods, parcel freight and speciality items, like works of art, can now be insured instantly on the NTP..
Currently, Chubb offers automated shipment insurance in Australia, Korea and Singapore allowing traders, logistics service providers, carriers, and even intermediaries to obtain an insurance quotation and bind cover within minutes..
As per Chubb, the instant shipment insurance technology was developed to be promptly and easily deployed on other platforms, in order to benefit the marine insurance community and also to allow transport operators to easily offer automated shipment insurance to their clients on their proprietary platforms..
Previously, Chubb’s intermediaries were able to quote and issue marine insurance to shippers instantly via their proprietary and award winning web-based marine insurance quoting and issuing system, CargoAdvantage® ..
Anthony O’Brien, Chubb’s Regional Marine Manager in Asia Pacific said, “Being part of the NTP ecosystem reinforces Chubb’s commitment to innovate in marine cargo insurance. We are proud to be part of this robust, vibrant environment, and pleased to be able to serve and grow with the community.
In addition to our automated solutions, Chubb’s team of specialists will be on hand to assist with complex marine insurance risks such as heavy lift and over-dimensional freight, special transportation contracts, higher value shipments, as well as fine art and valuable goods in transit. Our shipping and transport partners can also be assured with Chubb’s strong network of claims, e-commerce and risk management professionals in the Asia Pacific region”..
The NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain — in Singapore and abroad.. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub..
NTP has been designed as an open digital platform, to enable service providers to develop new applications and foster innovation within the trade ecosystem..
NTP enables end-to-end digital trade by bringing players across the trade value chain onto a single platform.. Traders can tap on a range of trade-related value-added services (VAS) such as cargo freight booking, trade financing, cargo insurance, customs declarations and payment reconciliation..
Insurance is a hoax. You pay the premium and then they deny you because of force majeure.
HI Veridical, any live example you would like to share..??
Interesting news. Any time line for when the rest of the world can use this service?
Is this NTP platform on the BlockChain?
It has been reported to have the capabilities required to be integrated with blockchain..