The Indian logistics industry is expected to grow annually at the rate of 15- 20 percent, reaching revenues of approximately $ 385billion by 2015. While the warehousing market is buoyant, it is equally at a greater risk due to increasing value of materials being stored in each location, paucity of experienced managers and limitations in risk mitigation measures. As per estimates, the number of fires originating from storage facilities is around 23% of the total fires reported. Warehouse losses could disrupt manufacturing processes, result in loss of market share (if the goods were imported and were in short supply) or delay a complete project (if the stored cargo gets destroyed). In the past few years, the Indian industry has lost millions in warehouse accidents. In the 2005 Mumbai floods insurance companies settled warehouse claims worth Rs. 500 crore (USD 100 million).

With increasing reliance of companies on third party logistics partners, outsourced warehousing, lean manufacturing and tight delivery schedules any loss in a warehouse can trigger consequential losses down a long chain.

Optima Edge

Based on our strong understanding of this sector and years of experience, we identify potential risks for our clients, highlight the likely impact of these risks and engage insurers to structure risk transfer mechanisms.  Other than common property risks from fire, floods, inundation and crime; we also help our clients in identifying liability and financial risks. Large property losses can trigger liability claims which can threaten the financial viability of an organization. Optima arranges appropriate liability and business interupption covers to protect the financial interests of its clients.

CONTACT INFO

Amit Mishra
Phone : 011 - 40 50 51 52
Email : This e-mail address is being protected from spambots. You need JavaScript enabled to view it.



Why is Errors & Omissions Cover Necessary?
Read more...

INDUSTRY NEWS


IRDAI bars several health insurance exclusions
Oct 15, 2019

Insurance companies have been barred from excluding from coverage illnesses associated with hazardous work activity etc.


Govt establishes national driver licensing database to combat fraud
Sept 25, 2019

The Transport Ministry is establishing an electronic database to store drivers' licensing data from throughout the country.


Foreign investors can own 100% of insurance intermediaries
Sept 02, 2019

Government has issued a notification putting into effect its decision to allow 100% FDI in insurance intermediaries

Read More...