Cover Story - The Mechanics Behind Cargo Reinsurance
Source: Asia Insurance Review | Sep 2006
It is a common
misconception in the insurance world that cargo insurance and similarly, cargo
reinsurance is one of the less complicated lines of business as compared with
the dominant property / engineering and liability lines. The sector experiences
its fair share of catastrophe losses, complicated engineering claims when prototype
machineries or equipments are being transported and long-tail liability issues,
especially with general average claims. The press is also quick to highlight
things that go wrong during cargo transportation especially where oil or chemical
spills are concerned. Ms Janita Leu, Client Manager, Indonesia and Head
of Regional Marine Underwriting, Munich Re, looks at some of the dynamics of
cargo reinsurance.
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