Cargo Insurance Sector News

Helle Hammer, Managing Director Cefor & Chair of the International Union of Marine Insurance (IUMI) Political Forum discuss about Container Weighing Rules. As of 1 July 2016, only containers with a verified gross mass will be allowed to be loaded on board a vessel (although IMO is allowing a grace period of three months). Although the new SOLAS requirement was adopted in 2014, many shippers and forwarders are still unprepared, and masters will have little choice but to refuse unverified containers. In the short term, non-compliance is likely to affect the cargo insurance sector. Issues include increases in risk exposure due to disturbances in the supply chain…