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Marine insurer fears VGM rule will bring short-term pain to supply chain
SHIPPING and logistics companies as well as shippers will not be ready for the verification of the gross mass (VGM) of packed containers, and this will likely affect the cargo insurance sector, said the International Union of Marine Insurance (IUMI).
"Issues include increases in risk exposure due to disturbances in the supply chain, unweighed containers being refused on board with delays for perishables or time-sensitive cargoes and the consequent accumulation risk associated with more containers languishing in ports," said the IUMI press release.
Additionally, liability underwriters will have short-term issues with clients in the logistics sector as their exposure increases.
"Issues include increases in risk exposure due to disturbances in the supply chain, unweighed containers being refused on board with delays for perishables or time-sensitive cargoes and the consequent accumulation risk associated with more containers languishing in ports," said the IUMI press release.
Additionally, liability underwriters will have short-term issues with clients in the logistics sector as their exposure increases.
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