Dubai Trade launches online cargo insurance
Dubai, June 26, 2014
Dubai Trade, a premier cross-border trade facilitator, and Abu Dhabi National Insurance Company (Adnic) organised a forum to announce the launch of Tradeshield, an online cargo insurance platform.
Entitled “The Importance of Cargo Insurance in Trade and Logistics”, the half-day forum at the Address Dubai Marina Hotel, saw industry professionals come together to discuss the key issues and developments in the cargo insurance sector, including recent advances in e-commerce in the region.
Dubai Trade CEO Mahmood Al Bastaki said: “We are committed to realising the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum for a smart government and ‘Smart Dubai’. Tradeshield is a platform that fits the strategic direction, meeting the needs of the trade and logistics community with an easy to complete and efficient way of insuring their shipments.”
“We have seen a growing demand for cargo insurance services over the past years” added Al Bastaki. “Initiating Tradeshield service came after observing the importance of protecting and securing the interests of the companies and traders while shipping the cargo, which guarantees its customers’ loyalty and ensures the success of the business transactions,” he added.
Adnic has a long standing expertise in providing cargo insurance solutions for clients across the UAE and the Middle East, and was the first insurance company to join “Tradeshield” platform.
Tradeshield offers direct integration to marine and cargo insurance. Quotations can be obtained within a few minutes on the website tradeshield.ae where customers can compare policies, rates and terms before choosing the desired policy. They complete the end-to-end process of purchasing insurance online including payments using “Rosoom”.
Users can benefit from single shipment cargo insurance as it provides cover against loss or damage to all goods related to a single shipment. Dubai Trade will also soon offer open cover cargo insurance providing blanket cover against loss or damage to all goods moved by a specific carrier or shipper during a certain period of time.
Andrew Woodward, Group chief underwriting officer, Adnic, said: “Today’s event has highlighted the need for insurance companies to constantly innovate and meet the evolving needs of clients and customers.
“Those operating in the cargo and logistics sectors face a number of risks that need to be managed and require insurance solutions that are easily accessible and tailored to suit their business needs. In this increasingly digital age, it is important that these solutions be available online and Adnic’s E-Cargo Solution, available through Tradeshield, has been launched to meet that need.”
David Phillips, president of the National Association of Freight & Logistics, said: “Protecting the business interest during cargo movements is crucial to ensure a successful trade deal for traders and their customers or suppliers.
"The industry has witnessed a substantial growth in demand on Cargo Insurance services throughout the years. We appreciate Dubai Trade’s initiative in launching the Tradeshield service, which will help many companies in our industry to be more secured and save much of their precious time.” – TradeArabia News Service