Trico, Strategic Insurance tie-up brings risk-liability stability

SIB Director Indrajith Fernando

Trico Logistics Managing Director Gamini Kannangara

• Timely action in the age of pandemics and economic peril

Trico Logistics Limited (TLL), partnering with Strategic Insurance Brokers (SIB), announced the launch of a Marine Risk Insurance portal (tricologi.net) for all TLL customers who hail from a wide-ranging international client base. TLL will be the platform provider for the online solutions.

The solutions are offered through the TLL portal, a smooth and functional gateway for clients who wish to purchase maritime insurance policies. A series of comprehensive coverage options are available, which seek to minimise losses with maximum possible indemnity from point to point. Export cargo insurance will be the first solution to be offered.

“Marine insurance offers assurance for many eventualities, such as war time perils, wilful misconduct, inadequate packaging, leakage or loss in weight and other misfortunes related to maritime adventure. TLL would be able to mitigate the losses from these events for clients who are anxious to be covered. Joining an industry expert, such as SIB, to obtain the best solutions was a boon for us in this regard as we are able to inspire client confidence merely by the mention of the SIB brand,” said Trico Logistics Managing Director Gamini Kannangara.

SIB has been an industry leader in securing win-win solutions for both the insurer and the insured, particularly in tough times, such as the current ongoing crisiswhen many economic contractions are expected due to the global COVID-19 pandemic. To combat such adverse events that happen in the marine industry, TLL has been seeking a practical portal that would offer logistic solutions from trusted partners.

“The insurance needs of the marine logistics industry are noticeably changing in these times of natural calamities, man-made disasters and terrorism. The current COVID-19 pandemic is an indication of how fast unforeseen calamities can totally stall certain vibrant economic sectors, the maritime logistics industry being one affected sector. Unforeseen circumstances are constant threats that can take down various players in the industry, big and small. The new solutions offered via the TLL platform would sharply reduce risk anxieties for industry players,” said SIB Director Indrajith Fernando.

SIB has lined up the best insurers in the marine liability sphere for the TLL client expansion venture. Launching in late March, the collaboration is expected to lead to policies for major clients in the first months, as these companies have already come on board and made their plans to utilise the new policies.

“Marine insurance is international by nature and therefore the global experience of SIB will be harnessed to its full potential. SIB has worked with the best Lloyds ‘A Rated’ panels in many of the nation’s top insurance policy initiatives and is the sole representative in Sri Lanka for UNIBA partners (a client centric global broker network). The SIB credentials are absolutely ideal for TLL whose vast network of local clients are committed long-term to the export service solutions offered by them,” said SIB Head of Operations and Marine Insurance expert Rupika Tennakkon.

The launch of the TLL-SIB partnership also signals the first instance maritime solutions have been streamlined in Sri Lanka with the policy available directly from the portal (including all documentation to be completed within minutes online) for any major or minor policy purchase. This represents a radical departure from the normally tedious insurance processes that are available in the Sri Lankan context. Trico Logistics, meanwhile, is expanding its operations exponentially, and has recently added online VGM certification, fumigation facilities for service providers, and quarantine examination to its export services portfolio. The SIB partnership comes at the right time for TLL as the company is seeking to open itself up to markets that are also pursuing alternative solutions at a time the maritime cargo industry is facing a different set of challenges.

Indrajith Fernando further added the maritime solutions offered by the insurers are catered to the separate needs of various Trico Logistics clients. His staff will liaise to custom provide solutions for the client base with the least delay, and with the best value for money premiums available.

The SIB-TLL collaboration is also a partnership between friends as the two companies have had long-standing relationship in offering piecemeal insurance solutions for individual clients.