Go Cargo Insurance News

New Insurance Website Bridges Regulation Gap for Freight Forwarders – Cargo owners can now purchase insurance cover online

LONDON, 14 June 2005 – A new cargo insurance website, GoCargoInsurance.com, has been launched to bridge the gap created after the introduction of new regulations from the Financial Services Authority. From January 2005, freight forwarders who have not obtained FSA authorisation are no longer allowed to sell insurance direct to their customers.

The website, owned and operated by Drakefield Insurance Services Limited and supported by Aon Limited, the UK’s largest insurance broker and risk management consultant, has been designed to enable cargo owners to obtain instant cost-effective insurance for their cargo.
 
Users can benefit from access to GoCargoInsurance.com 24 hours a day and will be guided by a simple-to-use rating engine.  The website provides cargo owners with instant quotations and insurance certificates online, enabling them to obtain confirmation that their goods are fully insured, with immediate effect.

GoCargoInsurance.com is inviting freight forwarders to register on the website, with the opportunity to receive a commission and strengthen their customer relationships when they direct cargo owners online to purchase a policy for their cargo.

Over 90% of British International Freight Association (BIFA)’s membership supplied insurance prior to the introduction of the FSA regulation.  This internet-based solution enables forwarders to maintain their revenues without the responsibilities of compliance, administration and claims handling - which are provided by a dedicated team of insurance experts.  Drakefield Insurance Services is responsible for operating the site and policies are underwritten by a leading cargo insurer, Royal & SunAlliance.

British International Freight Association (BIFA) Director-General, Colin Beaumont, commented: “This is an innovative and effective solution for cargo owners and their forwarders who wish to access cargo insurance, when registration with the Financial Services Authority is not an option.”

Paul Marks, Managing Director of Aon’s Marine Division, added: “Recognising an industry-wide problem, we knew it was crucial to provide an alternative way of supporting freight forwarders who, without FSA registration, could no longer offer a cargo insurance service to their customers. GoCargoInsurance.com has proved to be an innovative solution, demonstrated by the high number of forwarder registrations and repeat customer sales by cargo owners.”

Mike Jones, Contracts/Insurance Manager for international transporters and logistic operator Geodis UK Limited, said: “An increasing number of our Shippers are now placing their insurance cover with GoCargoInsurance, having found the website an easy to use method of obtaining quotations."

Kelly Stanfield, Office Manager of cargo owner Seho Limited, remarked: “We use GoCargoInsurance for our soldering machinery exports from Korea and China as the ratings are competitive and we are able to obtain instant insurance certificates online.”

All BIFA members are pre-listed on GoCargoInsurance.com to facilitate quick and free registration, and details of policy coverage and exclusions are available online.