‘Insuring Cargoes’ by K.S.Vishwanath

Was overjoyed to receive a copy of ‘Insuring Cargoes’, 2023, 2nd edition from the author, Vish himself, with a personal note…….. a note I would greatly cherish.

What can be different from the 1st edition of ‘Insuring Cargoes’, one may wonder. After all, the Marine clauses remain the same (save for a few additions) here and there and the interpretations and Court judgements are there for all to see. Taking a small simile, music has only seven notes, but the multiple permutations/combinations/confluence creates music of various forms and kind. Here, the treatment of the clauses and their interpretations create the great music.

First impression they say is the best impression. My first impression on seeing the book was ‘ Something is missing’, though the color schemes are identical to the 1st edition. Then it hit me — the hard jacket into which the 1st edition could be housed was conspicuous by its absence here. The reason? The 2nd edition is far more bulkier with 500 + pages.

Then, I flipped through the index of pages and selected a few topics for reading. My first impression on reading the book was — It was different from other books on Marine Cargo. How? Most books are written from the perspective of an underwriter on how to identify, evaluate, accept risks at what terms and conditions and so on. Here, Vish writes from the standpoint of the risk, the expectations of the different stakeholders and how the diverse expectations can be converged into workable solutions.

The idea is not to write excerpts from the book but to provide the reader with a view of the gamut of subjects covered. The author looks at and defines even the most basic Marine terminology such as ‘ per bottom limit/ limit per sending’, ‘ ordinary course of transit’, that are even today not properly understood by marine practitioners. He quotes the creator of the Institute Cargo clauses -2009, Dunt , who explains the terms ‘first moved’ and ‘immediate loading’, forming part of the Duration clause.

Then there is the author’s opinion on how ‘ Heating, Sweating & Spontaneous Combustion’ claims have to be looked at. Backed by a number of Court rulings, the author forcefully brings home the ‘principle of inevitability’, a true test in such cases. Contemporary topics on supply-chain issues faced by the pharmaceutical industry and the need to find bespoke insurance solutions are discussed at length. The problem plaguing the insurance industry of OEMs withdrawing their warranty in case of damages to machinery in transit, even if repairable is also discussed, with possible solutions. ‘Rejection Risks’, an area often discussed but about which little technical material is available. Vishwanath fills the gap with an elaborate discussion on the subject.

Many more topics to read and ponder about, before I put the book down. Miles to go……

It is indeed commendable that Witherby’s have published two editions of this book by K.S. Vishwanath — proof enough that Indians are second to none as far as analyzing and writing on this exciting and complex area of insurance. The price of the book may look a wee bit high, but to have a contemporary book on a technical subject as a reference guide on your desk is worth every single rupee spent.