By Laudia Anyorkor Nunoo
Accra, Nov. 09, GNA — Insurance Claims Specialist Group (ICSG) Limited has launched a public education campaign to improve awareness of compulsory marine cargo insurance and equip importers and exporters with the knowledge to manage cargo losses and insurance claims.
The campaign, being undertaken in collaboration with the Importers and Exporters Association of Ghana (IEAG), will educate businesses on insurance requirements, policy conditions, claims documentation and the procedures to follow when goods are lost or damaged during transportation.
Mr Dennis Tufour, the Chief Executive Officer of ICSG, announced this at a press conference, saying businesses needed to look beyond obtaining insurance certificates to understand their policies and preparing adequately for possible losses.
Mr Tufour said a damaged or missing consignment could result in lost working capital, interrupted supply contracts, delayed production, unpaid bank facilities and threatened jobs.
He explained that cargo could be exposed to several risks throughout the transportation and logistics chain, including physical damage, pilferage, fire, accidents, contamination and deterioration.
He stated that effective cargo protection required appropriate insurance cover, prompt reporting of incidents, preservation of evidence and professional assessment and documentation of losses.
Mr Tufour urged importers and exporters to familiarise themselves with the terms, conditions, exclusions and notification requirements of their insurance policies before shipping their goods.
He said businesses should also maintain accurate shipping and commercial records and establish procedures to guide employees on what to do when cargo loss or damage occurred.
The ICSG Chief Executive Officer said the company provided specialist support in inspecting damaged cargo, assessing the nature and extent of losses, documenting evidence, preparing assessment reports and facilitating communication among relevant stakeholders.
He said the campaign would use television, radio, print and digital media, stakeholder engagements, workshops and educational materials to reach businesses across the country.
Mr Tufour said particular attention would be given to small and medium-sized enterprises, which often had limited financial reserves and could suffer significant setbacks when a single shipment was lost or damaged.
He added that the initiative was intended to promote better-informed businesses and strengthen confidence in Ghana’s marine trade and insurance sectors.
He urged traders to adopt three essential practices: insure correctly, report promptly and document professionally.
Mr Tufour called for a comprehensive review of the compensation limits for personal injury and death under the framework commonly referred to as CAP 21, citing concerns about their adequacy under present economic conditions.
He said the review should consider inflation, rising medical and rehabilitation expenses, loss of present and future income, long-term disability costs and the financial needs of dependents.
He noted that the consequences of personal injury or death were fundamentally different from cargo losses, as serious injuries could permanently affect victims’ ability to work and participate fully in society.
Mr Tufuor stated that the death of a breadwinner could also have lasting financial and emotional consequences for families, including the loss of income, educational opportunities for children and financial security for dependents.
He said compensation should reflect present economic realities and the actual consequences suffered by victims and their families.
He added that the ICSG intended to engage regulators, policymakers, insurers, legal professionals, medical experts and representatives of victims to examine the continuing adequacy of the existing compensation limits.
He said the engagement should be informed by claims data, actuarial analysis, legal principles, medical evidence and prevailing economic conditions.
He stressed the need for a balanced framework that protected victims and their families while maintaining a fair and sustainable insurance market.
Mr Tufour said the company was prepared to contribute its professional experience, claims data and practical recommendations to the national discussion on the issue, emphasising that compensation for personal injury and death must be fair, meaningful and responsive to current economic realities.
GNA
Reporter: Laudia Anyorkor Nunoo, GNA
Email address: [email protected]