In our last edition, we published some advice that Harry Lee from the TT Club office in Hong Kong had recently given to a Club Member there on the risks involved in handling consignments of personal effects. That has prompted Mike Foster, of TTMS(UK) to comment that, in the UK at least, bills of lading for shipments of personal effects will be subject to the Unfair Terms in Consumer Contracts Regulations of 1999. Mike reminds us that under the Regulations, a contractual term is not binding on a consumer if it is unfair. A term is unfair if:
The Board of TT Club, the leading provider of insurance and risk management services to the international transport and logistics industry, has announced its financial year 2002 results.
In the wake of growing US and international legislation relating to transport security, TT Club today unveiled a unique self-analysis tool enabling TT Members to ensure they become and remain compliant with these essential regulations. Accessed through the TT Club website, the interactive service is fast and free to registered users.
AM Best has revised the outlook of TT Club's rating (Through Transport Mutual Insurance Association Ltd) following a review of its performance since May this year when the Club reported its 2001 loss of US$40m including a strengthening of claims reserves of US$23m.
At the recent Security Matters Seminar, held in London, sponsored by TT Club and organised by the publishers of Cargo Systems magazine, there was lively discussion focussing on the imminent US Customs 24 Hour Manifest Rule and the IMO's amendments to Chapter XI of its Safety of Life at Sea (SOLAS) convention, which are due to be ratified next month. It fell to TT's European Loss Prevention manager Andrew Webster to discuss the cost implications for European ports as a result of these additional security demands.
