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Releasing its 2006 annual results at the end of March, transport insurance specialist TT Club revealed that its biggest single loss during the year had been a man-made one - the explosions and huge fire on board the Hyundai Fortune, in the Gulf of Aden on passage from the Far East to Europe.
03/04/2007
TT Club, the specialist transport insurance provider, has confirmed Andrew Huxley to the new position of Regional Sales Director based in London, where he will be responsible for developing business within Europe, the Middle East and Africa.
02/04/2007
1. "Without prejudice" and "Privileged Correspondence" - Feedback
Readers may be interested in the following article on this well-advertised casualty. The article appeared in the March 2007 edition of BIFALink, the monthly magazine published by the British International Freight Association.
28/03/2007
TT Club today announced a third consecutive year of rising premium income and a fifth consecutive year of increasing net worth for its 2006 financial year, marking another year of solid performance.
20/02/2007
1. TT Club boosts loss prevention management team
The International Maritime Organisation has set up a new sub-division within the UN secretariat's maritime safety division in response to enhanced focus on maritime security.
That the bill of lading is said to have been lost is no excuse for delivering the shipment without production of the original document. The reality is one can never be 100% sure what has happened to the original set of bill(s) of lading: are they indeed lost, or has someone just overlooked the business of paying the seller? If the carrier releases cargo without firm evidence of the consignee's right to take delivery, the carrier does so entirely at its peril.
AIison Cook of the Club's Sydney office helpfully draws readers' attention to a problem faced by the local transport operators relating to recovery of container detention charges:
The saga of the MSC Napoli, the 53,409 gross tons container ship that started taking in water in a January storm and now lies, deliberately beached, in Lyme Bay in Devon, has provoked a stream of unsettling images, emotionally-charged headlines and thousands of column inches of reporting and comment.
02/02/2007
1. Security for airfreight and the AIMSS
A lien means the right to detain possession of somebody else's property as security for a debt. It is an aggressive but difficult tool. Transport operators must understand how to exercise a right of lien properly, or they may face claims for unlawful detention of the goods. The Club would like to offer the following advice.