Dubai Trade launches “Tradeshield” Online Cargo Insurance Platform
26/06/2014 3:14 pm EDT

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Dubai Trade, the premier cross-border trade facilitator, and Abu Dhabi National Insurance Company (ADNIC), one of the region’s leading providers of insurance solutions for individuals and corporates, have organised a forum to announce the official launch of Tradeshield for online cargo insurance.

Entitled The Importance of Cargo Insurance in Trade and Logistics, the half-day forum held today at the Address Dubai Marina Hotel and saw industry professionals come together to discuss the key issues and developments in the cargo insurance sector, including recent advances in e-commerce in the region. Industry expert, David Phillips the President of the National Association of Freight & Logistics, was also a key host and speaker at the forum.

On announcing the launch of Tradeshield, Dubai Trade CEO, Eng. Mahmood Al Bastaki, said: “We are committed to realising the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum for a smart government and ‘Smart Dubai’. Tradeshield is a platform that fits the strategic direction, meeting the needs of the trade and logistics community with an easy to complete and efficient way of insuring their shipments.”

“We have seen a growing demand for cargo insurance services over the past years” added Al Bastaki. “Initiating Tradeshield service came after observing the importance of protecting and securing the interests of the companies and traders while shipping the cargo, which guarantees its customers’ loyalty and ensures the success of the business transactions.”

ADNIC has a long standing expertise in providing cargo insurance solutions for clients across the UAE and the Middle East, and was the first insurance company to join “Tradeshield” platform.

Tradeshield is an easy to use platform offering direct integration to marine and cargo insurance. Quotations can be obtained within few minutes on the website where customers can compare policies, rates and terms before choosing the desired policy. They complete the end-to-end process of purchasing insurance online including payments using “Rosoom”.

Users can benefit from single shipment cargo insurance as it provides cover against loss or damage to all goods related to a single shipment. Dubai Trade will also soon offer open cover cargo insurance providing blanket cover against loss or damage to all goods moved by a specific carrier or shipper during a certain period of time.

Andrew Woodward, Group Chief Underwriting Officer, ADNIC, was also participating at the event. Commenting on the forum and the key discussions that took place, Woodward said: “Today’s event has highlighted the need for insurance companies to constantly innovate and meet the evolving needs of clients and customers. Those operating in the cargo and logistics sectors face a number of risks that need to be managed and require insurance solutions that are easily accessible and tailored to suit their business needs. In this increasingly digital age, it is important that these solutions be available online and ADNIC’s E-Cargo Solution, available through Tradeshield, has been launched to meet that need.”

Mr. David Phillips, President of the National Association of Freight & Logistics, who delivered the forum’s principle presentation, said: “Protecting the business interest during cargo movements is crucial to ensure a successful trade deal for traders and their customers or suppliers. The industry has witnessed a substantial growth in demand on Cargo Insurance services throughout the years. We appreciate Dubai Trade’s initiative in launching the Tradeshield service, which will help many companies in our industry to be more secured and save much of their precious time.”

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