Quantum Ivory targets to cover 200,000 TEUs in 6 months
PETALING JAYA: Quantum Ivory Sdn Bhd hopes to achieve 200,000 twenty-foot equivalent unit (TEU) containers from traders’ utilisation in the first sixmonths after launching its iCargo+ insurance package recently.
Chief executive officer Chua Hock Peng said the new marine insurance-based solution offered insurance coverage for cargo and containers, which is available at www.clip.com.my.
“iCargo+ provides solutions for both importers and shipping lines to improve their operation efficiency. It can also protect importers’ cash flow, particularly their deposit from being deducted in the event of container loss or damage,” he said at a briefing of iCargo+ in Bandar Sunway, last Friday.
Chua said importers in Malaysia would usually pay container deposit ranging from RM1,000 to RM2,000 to shipping lines for renting containers.
After this, importers need not pay for demurrage, detention and repair cost, as the cost can be insured through iCargo+.
“We are in talks with a few shipping lines to collaborate on this programme. We expect it would take between six to nine months to finalise our decisions.
“iCargo+ provides compatible rates for additional coverage, designed to provide solutions for the supply chain by way of indemnifying losses to cargo and containers with no extra cost,” he said.
Chua said iCargo+ would lower shippers’ operating cost because they only need to pay a single premium for cargo insurance while the container insurance is automatically freely covered.
He added that the programme would solve and reduce potential dispute arising between liners and shippers on liability issues, backed by authority and industry players.
Among the support received include Port Klang Authority, the Finance Ministry and Transport Ministry.
“Purchasing iCargo+ is done via Quantum Ivory’s centralised logistics integrated portal (CLiP). Buyers can purchase cargo and container insurance coverage online without having to purchase on third parties,” he said.
Quantum Ivory chief operating officer Kua Kok Yee said iCargo+ was a programme underwritten by a global household brand in marine insurance with financial strength and claims handling ability.
He said the insurance coverage would have a positive impact on the entire logistics chain in a solution to solve logistics industry issues and reduce the cost of doing business.
“iCargo+ offers solutions whereby importers are not financially burdened by deposits, while ensuring shipping line’s interest or assets are protected. It also ensures no time is wasted in negotiating on loss or finding whose fault it is,” he said.
Kua pointed out that shipping lines imposed deposit to importers who rented their containers to safeguard their assets and avoid disruptions in shipping lines.
Kua said iCargo+ addresses and resolves a problem that has been affecting the cash flow and ease of doing business for Malaysian shippers caused by the container deposit levy.
“For the shippers and importers, this reduced their cash flow, which could be a huge burden for small medium enterprises,” he said. Ayisy Yusof