Ningbo implements groundbreaking multimodal transport insurance

A cargo ship set sail from Ningbo Zhoushan Port in Zhejiang province on Oct 30, heading for La Spezia, Italy.

This shipment is distinguished by its comprehensive transport insurance covering every step of the journey. Starting with truck loading at a factory in Huzhou, Zhejiang, it proceeds through a combination of rail and road transport to the port, before being shipped from Ningbo to Italy.

"This marks the debut of Zhejiang's first international multimodal transport insurance, ensuring complete liability coverage with a single policy," stated a spokesperson from the Ningbo branch of PICC Property and Casualty Co Ltd. Previously, a shipment involving multiple modes of transportation like this would have necessitated at least three distinct insurance policies to cover the entire journey.

The insurance policy, jointly issued by the Ningbo branch of PICC Property and Casualty Co Ltd and Zhejiang Seaport Logistics Group Co Ltd, is among the first of its kind in the realm of maritime financial insurance.

In June, PICC Property and Casualty Co Ltd introduced the world's first insurance solution for multimodal container cargo transportation, aligning with the requirements of China's "single-document" system. The initiative addresses issues such as unclear insurance liability coverage resulting from segmented marine, land, and rail insurance purchases, as well as the inadequate integration of domestic and international insurance products.

"It significantly streamlines the insurance acquisition process for companies, facilitating quicker and more comprehensive information retrieval during claims procedures, thereby expediting claim settlements," the company's spokesperson said.