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ICTSI Ecuador launches first-ever transport banana insurance scheme

THE Ecuadorian unit of Manila's International Container Terminal Services Inc (ICTSI) has announced it is supporting banana growers with an insurance scheme, giving them greater coverage than ever before

ICTSI Ecuador launches first-ever transport banana insurance scheme

THE Ecuadorian unit of Manila's International Container Terminal Services Inc (ICTSI) has announced it is supporting banana growers with an insurance scheme, giving them greater coverage than ever before

11 September 2019 - 19:00

THE Ecuadorian unit of Manila's International Container Terminal Services Inc (ICTSI) has announced it is supporting banana growers with an insurance scheme, giving them greater coverage than ever before.

SIE, Ecuador's first integral insurance for banana exporters was launched recently through efforts of CGSA-led Logistics Community of the Port of Guayaquil (Comunidad Logistica del Puerto de Guayaquil - CLPG). Supported by RSA Seguros as advisers and multi-national insurers CHUBB and Zurich, growers are ensured of a single global insurance coverage for banana exports - from container handling, transport, and third-party damages.



Being an indispensable tool for the commercialisation of Ecuadorian bananas to international markets, insurance serves as a key step to support the banana sector's needs. More than 60 per cent of production is exported to two main markets: the EU and the US with substantial quantities going to Russia and Asia.



Compared to traditional insurance, which only covers limited phases in the transportation of the fruit, the integral transport insurance enables banana growers to have peace of mind that their product is covered until delivery at the destination of their customers, said ICTSI.



Said Contecon Guayaquil CEO Jose Antonio: 'We are positive that reducing risks for the export of goods will contribute to lower logistics costs, and should positively impact Ecuador's economic and social development.'



ICTSI has invested more than US$325 million for its 20-year concession period to operate the Guayaquil Container and Multipurpose Terminals at the Port of Guayaquil, which will end in 2027.


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