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Insurance warning
Page 43
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A WARNING to international hauliers to beware of cheap CMR insurance cover for the Middle East was issued by an insurance company boss.
According to Mr John Davi son, managing director of insurance brokers R. L. Davison & Co, and chief executive of Davison International, some insurers are offering CMR cover at "ludicrously low rates."
"This, if allowed to become an established practice, would create a short-term market for CMR cover and when the 'bubble burst' as it undoubtedly will, it Will force an across the board premium increase," he said.
The current rate offered by underwriters .specialising in CMR and related insurance is between 3 and 4 per cent of gross haulage charges per annum, providing a competitive margin between insurers of 1 per cent. But cover is now being made available from certain sources at up to 100 per cent less, alleges Mr Davison.