The Importance of Insurance

Shikara Premchand-Balgobind, a marine insurance specialist, has joined the Turners Shipping team. She will be consulting with and advising, clients about their insurance needs.

Container traffic is increasing annually and estimates put the number of containers shipped around the world at over 120 million per year.

“With numbers like these it is inevitable that there will be accidents and losses,” says Shikara.

Without adequate insurance, importers and exporters run the risk of severe financial losses should something go wrong.

“People generally assume insurance is there to cover loss or damage to their goods but insurance cover needs to extend beyond that. The client is liable for possible damage to the container in which the goods are shipped and can also have to share in the salvage costs should something happen to the vessel.”

Shikara has a Law degree specialising in Marine Law and practised as an attorney before entering the complex world of marine insurance.