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5.2 Adopt Loss Control Measures : There should be attempts to avoid the hazards rather than to
avoid the insurance. The focus should be on the carriage of over-dimensional cargo in low-bed trailers
with supervised loading, lashing, checking of axles, etc. Route survey is another important aspect that
the underwriters should consider, quote the premium, and impose conditions accordingly. Similar cargo-
specific measures should be taken for hazardous, fragile and other sensitive cargoes.

5.3 Adopt Innovative Survey Measures : With InsurTech solutions around, Insurers must consider
using a chip-based technology. Such practice is always in place for road transportation of sensitive cargo
in India and other areas where the deviated movement of the carrying vehicle can be immediately tracked.
Any undue immobility of the carrying vehicle can also be noticed in real-time. Similarly, a link of the
surveyor may be given in advance to the vessel operator, consignor and consignee to report any loss over
video calling so that the loss mitigating measures can be taken instantaneously in the event of a loss.

5.4 Use IoT + AI + RPA. : The future of Marine Cargo Insurance will depend on IoT (Internet
of Things), AI (Artificial Intelligence) and RPA. (Robotic Process Automation). This intelligence sequence
will enable tracking on a real-time basis, suggested guidance based on information so received and system
assistance wherever possible to take proper and immediate action with the help of Artificial Intelligence.
In other words, the ocean container visibility solution comprises G.P.S. container tracking devices
and smart containers. They work very well in full container load (FCL) cargo and act like remotely
monitored locks to keep the container secure. Smart containers use built-in sensors and communication
equipment through which the shipments can be tracked in real-time. The sensor package is located
inside the container and gives all the information on the container’s location and the cargo condition
inside the same. GPS can track even package-level consignments.

6. Conclusion

Marine Insurance (more specifically, cargo insurance) is a vital aid to trade. A good cargo insurance
cover at a rational and affordable premium is not only monetary protection for the trader but also an
incentive towards venturing into export/ import trade in a competitive manner. A trader with good
cargo insurance and trade credit insurance does not have to worry about losses, both physical and remittance-
linked. He can focus on the quality of the product, timely delivery, proper packaging, logistics, and
competitive price. Under such a situation, the appropriate underwriting understanding of the risk support
desired by the trader is highly required from the Marine Cargo Underwriter. The Marine underwriters
must take comfort from modern ocean and air logistics being hugely modernized. The freight forwarders
and the shipping lines use the best equipment and practices for a safe and timely cargo carriage. The over-
dimensional cargoes, the project cargoes, the refrigerated cargoes, and the sensitive cargoes no longer
remain the risky and avoidable propositions that they used to be decades earlier. The port facilities,
cranes/ stacker re-claimers, etc., have improved significantly, and the vessel quality has also undergone a
“sea” change positively. The Insurers’ Association and the Regulators also have a vital role to play by