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The International Freight Forwarding market has changed considerably over the past few years with the introduction of Multi-modal Transpoters ( MTO).
And there is now an increased number of transport providers such as freight forwarders, shipping agents, packing and consolidating agents clearing and forwarding agents, offering a variety of services to trading companies, many of whom are operating on a world-wide basis.
Many of these enterprises have also converted themselves into MTO and have taken the license within the purview of the MTO Act. It is mandatory for the MTO operator to have its services insured in order to get the license from The Director General of Shipping.
IFFCO-TOKIO is the first Indian Insurer who has created an insurance policy to meet the needs of the modern freight forwarder. The policy can be issued to the players in the field of freight services in India. Till now the insurance on the marine liability of this industry was being placed abroad, since no such cover was available in the market.