Export cargo to now get transit insurance cover

May 16th, 2008 - 7:59 pm ICT by admin  

Chennai, May 16 (IANS) With some general insurance companies already offering to exporters risk coverage for both credit and transit of goods, the Export Credit Guarantee Corporation of India (ECGC) has joined hands with an ally to protect its turf. The country’s only specialised export credit risk insurer has now tied up with the United India Insurance Company Ltd to offer “all risk” transit insurance coverage for export cargo.

“Along with our credit insurance policy, we will also offer transit risk insurance for the export cargo at no extra cost. ECGC will bear the premium charged by the United India for covering the cargo,” A.V. Muralidharan, chairman cum managing director of the ECGC, told IANS.

The ECGC has negotiated one single premium rate with the United India for transit insurance irrespective of the kind of cargo and its country of destination.

According to the deal, an exporter who takes credit risk insurance from the ECGC will get the cargo transit insurance cover from the United India.

United India’s designated branches in each city will issue the cargo policy directly to the exporters.

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