Surat : In a bid to equip local businesses with the knowledge to navigate the complex waters of maritime trade, the South Gujarat Chamber of Commerce and Industry (SGCCI) hosted an informative session on "Understanding Marine Insurance Policy." Held at Samriddhi Building, Nanpura, the event saw loss assessor and surveyor Mitesh Desai dive deep into the intricacies of marine insurance and its crucial role in international trade.
Tracing the Currents of Marine Insurance: The program began with SGCCI Vice President Vijay Mewawala tracing the historical roots of marine insurance, highlighting its origins in ancient practices and its early development in the Mediterranean region. He further shed light on Indian businessman Virji Vora's pioneering role in establishing the first Indian-owned marine insurance company in 1871, marking a significant shift in the sector's landscape.
Demystifying the Policy: Moving ahead, Desai unpacked the key terms and concepts underpinning marine insurance policies. He elaborated on insurable interest, deductible interest, contingent interest, and advanced fred interest, guiding entrepreneurs on how to accurately assess their own insurable needs. He delved into the nuances of claim settlements, comparing and contrasting Pacific Marine Policy and Cargo Marine Policy to equip businesses with the right tools for optimal coverage.
Surveying the Landscape: Desai offered valuable insights into the surveyor's perspective, outlining their key considerations when assessing policies and claims. He also emphasized the importance of clear, accurate records for entrepreneurs, including understanding the distinction between consignment value and invoice value in the international trade context.
Charting the Future of Surat's Trade: SGCCI Group Chairman Nirav Mandlewala highlighted the transformative developments underway in Surat, with projects like the express freight corridor, PM Mitra Park, and the Diamond Bursa poised to propel domestic and foreign trade. He underscored the crucial role of marine insurance in safeguarding exports and emphasized the importance of securing proper documentation at delivery points to facilitate smooth claims procedures.
Navigating the Program: Mahesh Pamnani, President of SGCCI's Education and Skill Development Center, ably steered the program and expressed his gratitude to all participants. Nirav Mandlewala provided the program outline, while N.C. Patel, Chairman of SGCCI's Insurance Committee, introduced the speaker. The program concluded with Desai engaging in a lively Q&A session, addressing queries from entrepreneurs to ensure their thorough understanding of maritime and cargo marine insurance policies.
By equipping Surat's enterprising ventures with the knowledge and tools necessary to navigate the often turbulent waters of marine insurance, the SGCCI's program empowers them to confidently explore the vast opportunities of international trade.
