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Our Bureau

Mangalore , Sept. 26

THE Karnataka Cashew Manufacturers Association (KCMA) has signed a memorandum of understanding (MoU) with Bajaj Allianz General Insurance Company Ltd and Oriental Insurance Company to underwrite marine cover for the cashew industry.

Under the agreement, marine risks - including inland transit, and exports and imports - will be covered for KCMA members at a reduced premium.

A KCMA release said here on Monday that the inland transit, mostly for despatches of cashew kernels and cashew nut liquid oil to various destinations in the country, was largely not insured. till nowThe KCMA President, Mr K. Prakash Rao, told Business Line that the agreement would be beneficial to both the cashew manufacturers and insurance companies. With this agreement, all the transit risks of manufacturers are taken care of. This area will provide a captive growth segment for the insurance sector. This was the area the insurance companies were not able to penetrate till now, he added.

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