A symposium on International Safety Management Code and insurance policies Businessmen need awareness [Archives:2002/29/Business & Economy]
July 15 2002
BY MOHAMMED AL-MASANI
YEMEN TIMES STAFF
A symposium under the motto Aspiring money is a must for every investor , was organized by the Yemeni Insurance Federation on June 8 2002.
The symposium focused primarily on the International Safety Management Code (ISMC) and its effects upon the benefits for Yemeni importers and exporters. During the symposium, two ISMC elements were distinguished: the Document of Compliance and Safety Management Certificate. International harbor authorities are authorized not to receive a ship, load or unload unless the ship has the two aforementioned certificates. Without these two certificates, the insurance document is therefore invalid and the insurance company is not held accountable for any losses that may arise.
During the symposium, Shehab Ahmed Gasem the Manager of the United Insurance Company, Hodeidah Branch, explained briefly the dangers and losses of businesses that are not included in the insurance. Such losses are overburdened by traders themselves. He pointed out that such losses are caused by insolvency for ship owners.
Ali Mohammed Hashem, the Chairman of the Yemeni Insurance Federation told the Yemen Times that the federation along other associations and syndicates has made strenuous efforts to raise awareness of this issue. We have tried to organize an insurance market by unifying the companies businesses and coordinating among them with a view of solving problems that may arise, he said.
The symposium was held in pursuance of raising awareness among merchants and traders in order to adhere to the ISMC regulations. Abdulwahab Abu Luhoom the Chairman of the Board of Directors of the Chamber of the Commerce and Industry talked about the role performed by the Chamber of the Commerce and Industry in supporting businessmen with the necessary information. We have tried to do our best to hold such symposiums, sending delegations, training and rehabilitating trainees in the field of commerce, trade, and planning with the assistance of foreign experiences, he added.
With regard to the significance of the symposium, Tareq Abdulwasae Hael Saeed, the Vice Chairman of the Yemeni Insurance Federation placed great stress on holding such symposiums in raising awareness and acquainting the Yemeni merchants with the basics of the ISMC. He called the Yemeni businessmen to get their ISMC certificates as soon as possible.
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