A milestone for the Indian insurance industry

The London insurance market is easily one of the most respected for commercial insurance lines. And in the field of marine insurance, London market professionals are easily the most respected names in the international market.

When it comes to books on insurance, classical works on the subject—especially marine insurance—have been dominated by such legends as R.H.Brown, Ken Goodacre, Templeman and Arnould -all of whom are from the London market.

K.S. Vishwanath is one of the very few professionals from the Indian insurance space who have received international acclaim and recognition. His book, Insuring Cargoes-A practical guide to the law and practice has recently been published by Witherbys in UK-one of most reputed names among publishers of books on insurance and shipping (www.witherbyinsurance.com).

‘Insuring Cargoes’ has been receiving rave reviews by experts in international markets. According to Alan Jervis, BA Hons, FCII, Chartered Insurer, Canada (an acclaimed expert, expert witness), "Compared to other works and publications I have seen, your analysis of these topics is very profound, unprecedented and original.”

‘Insuring Cargoes’ is a book meant for a wide spectrum of readers including cargo owners, forwarders, surveyors, shipowners, P&I Clubs, brokers, underwriters and claims adjusters. This book enables the reader to grasp the principles of marine insurance in light of modern day practices not only in English speaking countries (particularly the London market) but also in the light of other countries such as Norway and Germany who too have a rich maritime tradition. The book has 14 chapters including a very detailed commentary on insurable interest, 2009 edition of Institute Cargo Clauses, discussion on a wide variety of clauses, modern claim trends discussed in the light of case laws from UK, USA and Canada, current trends in loss prevention etc. There is an extremely compelling chapter on physical loss or damage to goods where the author argues that there is a scope for wider coverage in the light of developments in recent decades which would be most useful to hi-tech and pharmaceutical companies.

Looking at the wide array of topics covered, Paul Sansom, Managing Director of W.E. Cox Claims Group says: "I must say you do seem to have addressed so many issues which we come across day-to-day but where no other text book I have come across seems to have tackled."

Based on painstaking research and international experience of the author, the book has an international flavour and would enable insurance professionals/companies to attain international standards in underwriting and claims adjusting. The book also promises to be invaluable to insurance brokers and their customers to properly word their marine policies to achieve contract certainty and avoid pitfalls in claims.

This is indeed a milestone for the Indian insurance industry which has the potential to be an important seat of re/insurance in the coming decades. Efforts such as this would lend greater respectability to Indian insurance industry and the quality of its professionals.