Why need for Specialized Industry Focused Training Programme on Marine (Cargo) Insurance?

Most businesses realize at the time of claim that the claim amount is not payable because proper risk assessment has not been done and right insurance policy has not been purchased with proper policy wording at the time of taking the policy. Businesses fail to realize that risk cannot be managed only by taking any insurance policy without going into depth. It is their responsibility for maintaining proper accounts to conduct the business. The insurance policy will not cover the risks associated with organization if it fails to fulfill the conditions attached to policy.

This training programme will give an opportunity to participants to interact with faculty, who have vast experience of dealing with businesses and claims worldwide. Participants will be able to learn about common mistakes that cause hardship to organizations.

As the trade increases the importance of Marine (Cargo) Insurance has increased. It is important to cover:

• Incoming Import Cargo
• Incoming Domestic Purchases
• Export Cargo
• Domestic Sales Cargo
• Inter Branch Transfer

In many cases importers & exporters of many organization insures heavy loss due to wrong coverage.

Importance of Marine Cargo Insurance in the War Affected World

Importance of Marine Cargo Insurance has gained importance in the world affected by Middle East Conflict and Ukraine/Russia conflict.

Middle East Conflict has resulted in Hormuz blocade and this in turn has affected Cargo movement/ ships movement in the whole world.

Cargo being imported by India or exported by India is facing war risks as a result of this premium rates have hardened.

All aspects connected with this will be discussed in detail. Our experts will answer all questions to be raised by you.

Objectives of the Training Programme:

This training programme is very practical in nature and is case study based to provide practical understanding of risks associated with Marine (Cargo) and allied perils. The aim is to discuss and come out with solutions for difficulties faced during purchase of insurance policy, lodging and settlement of claims.

The programme is structured in such a way that it promotes interaction among managers/ executives of:

• Firms who purchase Marine Insurance Polices
• General Insurance Company involved in business development, selling, underwriting and managing fire insurance claims
• Insurance brokers who are most important insurance intermediary
• Surveyors who are an important link in processing/ settlement of insurance claims

Topics to be covered:

Every session will be followed by Questions/ Answers so that high level of clarity is achieved, which assists you in your career development.

• Introduction, Types of Marine Cargo Policies & Growth of Marine (Cargo) Insurance
• Relevance of Principle of Insurance for Marine Cargo
• Incoterms
• Marine Cargo Clauses
• International Trade
• Inland Transit
• Underwriting of Marine Insurance
• Important Clauses under Marine Insurance
• Critical Underwriting Aspects
• Claims Procedure – how to expedite it with real cases (Insurers/ Surveyors View Point)
• Procedural Aspects
• Case Studies on Claims
• Tips to avoid disputes in Marine Insurance Claims
• Legal Aspects/ Litigation
• Documents Associated with Marine Cargo Insurance

Who Should Attend the Training Programme (Target Participants)?

This is a good opportunity for:

• Managers/ Executives of General Insurance/ Reinsurance Companies involved in business development, selling, underwriting and management of claims
• Managers/ Risk Mangers handling purchase of insurance and lodging of claims from:
• Corporates
• Trading companies
• Manufacturing firms
• Exporters/ Importers
• Educational institutes
• Hospitals
• Hotels
• Shopping Malls / Multiplexes
• IT companies
• SME’s etc.
• Managers/ Executives of Insurance Brokerage Firms – Business Development/ Underwriter/ Claim Department.
• Surveyors (members of Indian Institute of Insurance Surveyors and Loss Assessors)
• Consulting firms providing risk management services, claims management services
• Academic-Faculty members/ students specializing in Insurance planning to make career in General Insurance.

Why need for Specialized Industry Focused Training Programme on Marine (Cargo) Insurance?

Most businesses realize at the time of claim that the claim amount is not payable because proper risk assessment has not been done and right insurance policy has not been purchased with proper policy wording at the time of taking the policy. Businesses fail to realize that risk cannot be managed only by taking any insurance policy without going into depth. It is their responsibility for maintaining proper accounts to conduct the business. The insurance policy will not cover the risks associated with organization if it fails to fulfill the conditions attached to policy.

This training programme will give an opportunity to participants to interact with faculty, who have vast experience of dealing with businesses and claims worldwide. Participants will be able to learn about common mistakes that cause hardship to organizations.

As the trade increases the importance of Marine (Cargo) Insurance has increased. It is important to cover:

• Incoming Import Cargo
• Incoming Domestic Purchases
• Export Cargo
• Domestic Sales Cargo
• Inter Branch Transfer

In many cases importers & exporters of many organization insures heavy loss due to wrong coverage.

What you can expect from the Training Programme?

This training programme on Marine (Cargo) Insurance will provide the participants with comprehensive, multifunctional perspective on how to assess risk, maintain processes for risk mitigation, comply with statutory procedures on containment of risk and management of claims.

• How to get a claim payment in 60 days – Insurance client
• How to get your client’s claim settled in 60 days – Insurance Brokers
• How to complete your assignment in 30 days – Insurance Surveyor
• Managing your risk – cost effectively – Insurance client/ Managers of Insurance companies.

60 days to passing of an insurance claim is what we will focus on. Time is money, as the claims process gets extended the cost for all the stakeholders goes up. It results in financial and goodwill loss for all the stakeholders, who are involved.

Training/ Delegate Fee:

Participation fee (Including Training, Study Materials & Lunch)

Individual participation

fee: Rs. 4,800/

Group participation fee (team of 3 persons and above):

Rs. 4,500/- each.

Group participation fee (team of 5 persons and above):

Rs. 4,200/- each.

Special Discount for members of PHD Chamber of Commerce and Industry fee:

Rs. 3,800/- each.

The Practical Aspects of Marine (Cargo) Insurance Book (costing Rs. 800) authored by Mr. S. K. Jain will be given to all participants.

Certificate:

Certificate will be issued to the participants on Completion of this Training Programme.

Accommodation:

This is non residential Trainin Programme; however reasonable hotels/ guest houses are available in surrounding areas such as Punchsheel Enclave, Hauz Khas,  Greater Kailash & South Extension. Programme Coordinator will be ready to assist you in arranging the same (if required)

About the Organizer:

Insurance Foundation of India (IFI) was set up in 2009 under Trust Registration Act 1882 of Government of India as a Not-for-Profit Organization.

It is engaged in conducting:

• Training Programmes
• Seminars
• Webinars
• Conferences
• Workshops

The best part of the Training Programmes being organized by us is that faculty comprises of those, who have up to date knowledge of working in Insurance Companies, Insurance Brokerage Firms, Insurance Surveyors & Loss Assessors, Law Firms or they are Insurance Buyers. This results in the sharing of practical and up to date knowledge by all stakeholders and hence up gradation of the skill in Indian Insurance Industry. This aspect is being highly appreciated in social media on global basis and now Insurance Foundation of India is rated as the top NGO in Insurance Training in the country and that too without any Government support.

Conducted Training Programme for insurance heads/ senior management including directors of all Nuclear Power Plants (operating as well as under erection) of Nuclear Power Corporation of India Limited. This is a great honour for the faculty of our organization.

Our effort towards reducing Insurance Frauds in the country and our project “India Needs Insurance Fraud Control Act” is widely appreciated. We look forward for the support of Insurance Companies to support us so that this major project results in discussion, approval by the parliament and implementation of the Act, as a replacement of outdated IPC. We are sure that reduction of frauds will result in support to genuine insurance buyers. The profitability of the insurance industry will increase, and penetration of insurance as % of GDP will reach greater heights.

S.K. Sethi, the founder of IFI is an author, speaker and opinion maker. The recent books authored by him are:

• 1 Cyber Attack Can Ruin Your Forever (Amazon Best Selling Author)
• Hindi edition of Cyber book
• Insurance Fraud Must Be Controlled- India Needs Insurance Fraud Control Act

IFI will be pleased to have your support for events/ conferences/ research studies. Reach us at vp@ifingo.org or WhatsApp 9810090853

PHD Chamber of Commerce & Industry

PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages. The Chamber acts as a catalyst in the promotion of industry, trade and entrepreneurship. PHD Chamber, through its research-based policy advocacy role, positively impacts the economic growth and development of the nation. PHD Chamber is more than an organization of the business community, as it lives by the chosen motto In Community Life & Part of It and contributes significantly to socio-economic development and capacity building in several fields.

‘’PHD Chamber of Commerce and Industry (PHDCCI) is one of the Premier Chambers in India to have been accredited with “Diamond Grade” by NABET(QCI), at national and international level.

PHDCCI is a National Apex Chamber having its international office at Bahrain for 6 GCC countries, with 1, 30,000 companies as its members base, as total focus on the development of small and medium businesses. PHDCCI has co-opted National and International Industry Associations and Organizations through over 100 MoUs signed between the parties.’’

Tripaksha Litigation

Tripaksha Litigation is a litigation-focused law practice providing strategic legal representation and dispute resolution support to individuals, businesses and institutions across India. With a documentation-first and result-oriented approach, the firm handles complex disputes involving insurance claims, commercial matters and allied litigation, with particular emphasis on careful scrutiny of contractual terms, evidence and legal strategy. Its insurance practice covers health, life, property, motor, marine, commercial, corporate and specialised insurance disputes, including claim repudiation, delayed or short settlements, coverage disputes and surveyor-related issues, with representation before appropriate courts, consumer commissions, commercial forums and other competent authorities.

RIA Insurance Brokers Private Limited

RIA Insurance Brokers Private Limited is an IRDA approved Insurance Brokerage Firm (IRDA Direct Broker License No. IRDA/DB 120/03) with over 2,500+ clients across corporates, SMEs, and individual customers.

As an insurance broker, we represent the client and ensure that the client’s business interests are properly protected in their dealing with insurance companies. We use our domain knowledge and expertise to help the client properly assess their insurance needs, shop for the best value in insurance coverage and help the client in managing their claims.

Our focus is on:

• Professional Management
• Service with a Smile
• Cost Effective Solutions for clients
• With a view to achieve the above, our organization is divided into 4 groups:
• Risk Assessment Group
• Business Development Group
• Underwriting Group
• Claims Processing Group

Our Strength is client satisfaction in Claims Servicing & Policy Servicing:

As we handle the products of all the insurance companies, we are in a position to be a single point of contact for you to fulfill all your organizational needs for example:

• Property Insurance
• Project Insurance (CAR, EAR)
• Cyber Insurance
• Liability Insurance
• All Risk Insurance/ Industrial Insurance
• Life
• Motor Insurance