Saturday 12, June, 2010 -- Businesses will soon have to ensure that they hire transport companies with modern fleet. Non-life insurers plan to revise the terms of their cargo insurance policies, whereby they will not pay for claims for cargo damaged due to accidents caused by the vehicle not being roadworthy. The revised conditions also specifically cover shipments through courier service providers — an area where the clauses were ambiguous so far. Until now, the shippers’ responsibility was to ensure that they protect all rights against the transporter. . . .
Saturday 12, June, 2010 -- In a move to pin more responsibility upon insurance companies for actions of corporate agents, insurance regulator IRDA has said that a decision to appoint a corporate agent should be taken at the highest level of an insurance company. The regulator has also made it mandatory for insurers to undertake physical inspection at their corporate agent offices. The diktat comes at a time when the regulator is trying to stamp out multi-level marketing companies which tie up with insurance companies as a corporate agent. . . . . . .
