THROUGH Transport Club, the international transport mutual, is aiming to increase the volume of insurance business with logistics and transport operators under its new four-year business plan.
Insurance providers are struggling to keep pace with changes in the logistics industry and need a new approach to understanding risk in the light of today's logistics contracts.
The explosion and fire on board Hyundai Fortune affected a very large number of containers which had been on their way to Europe, and consequently also very many intermediaries -- whether they call themselves forwarders, NVOCs, NVOCCs, logistics operators or consolidators -- and their clients. While general average is a very ancient maritime institution, it is a fairly rare occurrence these days. It therefore comes as no surprise to note that the ocean carrier's demand for GA guarantees has caused problems for shippers and intermediaries alike: very few understand how it operates in practice. Harry Lee in the Club's Hong Kong office explains:
While New Orleans gradually climbs out of the troubles caused by last year's flooding TT Club has launched a loss-prevention initiative in the form of a 45-page guide to help port and terminal operators minimise the damage caused by windstorms.
The TT Club has received a boost from industry ratings agency AM Best, which has upgraded the Club's financial strength rating to A- (Excellent) from B++ (Very Good).
