SIE, a new comprehensive insurance for the maritime transport of bananas from Ecuador

Contecon Guayaquil, which is the Ecuadorian subsidiary of International Container Terminal Services (ICTSI), has launched SIE, Ecuador's first comprehensive insurance for banana exporters. With the support of RSA Seguros as advisors and of the multinational insurers CHUBB and Zurich, the producers will have a single global insurance coverage for the export of bananas, including container handling, transportation and damage to third parties.

The launch of this insurance is a key step to ensure the meeting of the industry's needs, considering that bananas are Ecuador's main export product, after oil. More than 60% of the production is exported to two main markets: the European Union and the United States. The country also makes shipments to Russia and Asia.

Unlike traditional insurance, which only covers limited stages in the fruit's transport, the SIE gives banana producers the peace of mind of knowing that their product is insured until delivery at its destination.

José Antonio Contreras, general manager of Contecon Guayaquil, said that the closer collaboration in the area of logistics between the port and the various actors in the supply chain in Guayaquil will ensure that the country remains the world's largest banana exporter.

The members of the Logistics Community of Guayaquil, led by the CGSA, represent more than 83% of non-oil exporters in Ecuador, with bananas accounting for the largest volume.

It is worth noting that the ICTSI has invested more than 325 million dollars in its 20-year concession (which will be valid until 2027) to operate the Container and Multipurpose Terminals of Guayaquil, in the Port of Guayaquil.



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