ICSG launches campaign to educate traders on compulsory cargo insurance

The Insurance Claims Specialist Group (ICSG) Limited has initiated a public awareness campaign in partnership with Ghana's Importers and Exporters Association (IEAG) to educate businesses on the importance of compulsory marine cargo insurance. The campaign aims to equip traders with the necessary knowledge to manage cargo losses and insurance claims effectively.

ICSG's CEO, Mr Dennis Tufour, emphasized the need for businesses to understand their insurance policies beyond merely obtaining certificates. He highlighted the various risks cargo faces during transportation, such as physical damage, theft, fire, accidents, contamination, and deterioration, which necessitate appropriate insurance coverage, prompt incident reporting, preservation of evidence, and professional loss assessment.

Tufour urged businesses to familiarize themselves with their insurance policies' terms, conditions, exclusions, and notification requirements before shipping goods. He also advised maintaining accurate shipping and commercial records and establishing procedures to guide employees in handling cargo loss or damage incidents.

The multi-channel campaign will leverage television, radio, print, and digital media, stakeholder engagements, workshops, and educational materials to reach businesses nationwide. Special attention will be given to small and medium-sized enterprises, which are often more vulnerable to significant financial setbacks due to single shipment losses or damages.

The initiative aims to promote better-informed businesses and strengthen confidence in Ghana's marine trade and insurance sectors. Tufour called for a comprehensive review of the compensation limits for personal injury and death, citing concerns about their adequacy under current economic conditions. He stressed the need to consider inflation, rising medical and rehabilitation expenses, loss of income, long-term disability costs, and the financial requirements of dependents.

Tufour emphasized that compensation should reflect present economic realities and the actual consequences experienced by victims and their families. He pledged to engage regulators, policymakers, insurers, legal professionals, medical experts, and victims' representatives to examine the existing compensation limits' adequacy, drawing from claims data, actuarial analysis, legal principles, medical evidence, and prevailing economic conditions.