Page 14 - Insurance Times May 2020

Cover Story

IMPACT OF

CORONA VIRUS

(COVID 19) ON

INSURANCE

ECOSYSTEM

C OVID 19 has wreaked havoc across the globe, insurance or the exposures of goods in transit be affected

affecting majority of the countries and inflicting
by the virus. But the truth is that there have been exposures
fatal sickness among hundreds and thousands.
which have cropped up leaving the insured and insurer
The impact of the virus has left many policyholders
as well as the ones who do not have policies scouting for bewildered. The marine insurance policies across the globe
are guided by the International Cargo Clauses (ICC), which
either the optimal cover or seeking clarifications on their have been amended in 2009. The domestic transits are
existing policies. The subsequent paragraphs are an attempt covered through the Inland transit clauses (ITC).
to take a deep dive into the possible new exposures which
COVID19 has created and whether the existing policies are An attempt has been made to link the clauses with the new
providing any protection to the policy holders. exposures, primarily keeping in view the "lockdown"
situation imposed by Indian Government to counter the
COVID 19 and its impact on Marine threat emanating from outbreak of COVID 19. Let us look
into few scenarios and the relevant clauses of the ICC/ ITC
Insurance
that might have an impact:
A second's thought may tell us that how can marine

About the author

Sagar Sanyal
Director Technical services, Zoom
Insurance brokers and an international
trainer, speaker and consultant in Non
Life Insurance and Risk management

14 The Insurance Times, May 2020