'Article misrepresented new Spoornet insurance scheme'

Dear Editor,
It was with much surprise that I noted the contents of your article on the New Spoornet insurance scheme, Friday, February 13, 1998.
The surprise stems mainly from the fact that your newspaper chose to cover a particular subject without affording your readers, of which I happen to be one, the benefit of an informed viewpoint. Unfortunately, as a direct result of the above, your article reflects a serious number of incorrect statements and assumptions.
Regrettably your readers have been misinformed.
What is disappointing is the fact that you should see fit to acknowledge on the one hand that the scheme was devised by Price Forbes, refer to it as a trap waiting to be sprung, and yet show no interest at all in obtaining and reflecting Price Forbes' views, arguably the country's most professional and respected risk financiers.
It may be of relevance to note that Price Forbes are
the insurance brokers not only to Spoornet but
also Renfreight, Saflink, Saftainer, Safmarine and Container Logistics.
Mr Syd Oram is regrettably and inexplicably confusing Spoornet's specific initiative between CX and the rail contract companies, with cargo insurance traditionally purchased by cargo owners.
You should understand, however, that the Spoornet Freight Protection Facility has been four years in the making with no effort spared in producing a product that is specifically designed to add value to Spoornet's client base.
Do you really think that Price Forbes would design and manage a product where the highest area of risk is the least covered? Or that Lots of container traffic would be floating around the railway lines of SA utterly under-insured? Surely not!
Victor Vaz, m.d. Price Forbes TRMS, Johannesburg.
l Syd Oram's viewpoint was accurately reported in the article in question. Spoornet's spokesman, Lester Miller contacted by FTW was unavailable when last week's issue went to press.
FTW will cover the issue in detail in next week's issue following a meeting with Spoornet and Price Forbes.