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Kaustubha (Student)     12 November 2009

Insurance Broker

 If i were a freight forwarding company and if i want to give insurance to my clients for the their cargo would it be possible in India?

What are the requisites to becoming a insurance broker?

 

Thank You in advance.



 3 Replies

M. N. Agrawal (N.A.)     13 November 2009

Dear Kaustubha, You may do so, but for that you have to apply for Corporate Insurance Broker and norms of IRDA in this case are very stringent. Regards, Madhur Agrawal

Mahendra   28 August 2019

The insurance broker or insurance agent are intermediaries between insurance buyers and insurance sellers. The insurance brokers not only enjoy the liberty of flexible working hours but also have a considerable degree of autonomy in work methods. If you would like to have an extra income source and want to know how to become an insurance agent, these are some qualities you must possess. You should be a good communicator as the work profile includes constant communication, networking, and negotiation. You should be able to connect with the customers, influence their decisions, and earn their trust levels. Apart from good oral skills, it is also essential to have in-depth product knowledge. To be aware of the procedures, legal issues, and amendments and to be able to resolve all of the customer queries and satisfy the company target is highly essential of a good insurance agent. 

 

Aruanbh Rajan   04 April 2020

According to Section 1 of the Cargo Liability Insurance of the Transport Operation Liability policy by IRDAI there are some basic standards that you have to follow, some of the mare mentioned below for your understanding 

1.1 Subject to the full terms and conditions of the Insurance Contract, the Company will indemnify the Insured for its legal liability and Claims Expenses in respect of Claims which arise from; 

a) physical loss of or physical damage to Cargo provided such legal liability arises from: 

i) an international transport convention; 

or ii) a national transport law which is compulsorily applicable to the Insured; 

or iii) any standard trading conditions approved by a national freight forwarding, road haulage or warehousing association of which the Insured is a member; or

iv) FIATA or COMBICON bill of lading; or 

v) the Insureds house bill of lading or standard trading conditions provided such conditions and limitations of carriage or trade accept no greater liability or responsibility for the Insured than those in the FIATA standard bill of lading or national association standard conditions respectively; or 

vi) the Indian Multimodal Transport Act, 1993 and any statutory amendments; 

vii) a contract that the Company has approved and has been noted as approved in the Insurance Schedule. 

b) for Consequential Loss directly arising from paragraph 

1.1(a) above; and c) the Cargo’s contribution to general average and salvage which the Insured is unable to recover from a Customer, agent or sub-contractor

Please Also refer to the IRDAI website for further information

See also

https://www.lawyersclubindia.com/articles/Five-reasons-to-use-inland-transit-insurance-in-your-trade-8053.asp


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