In a new service to the global transport & logistics, ports and marine industries, the TT Club has developed an "industry events" function on its website www.ttclub.com in order to provide a single point of reference for all major transport industry and marine insurance events, trade shows, exhibitions and conferences.
In a speech to the Logistics Law seminar in London, Mike Foster Claims Director based in the Club's London office, has warned that logistics operators should make sure that their insurance cover is adequate. The reason for this, he explained, was that insurance providers are finding it difficult to keep up with the pace of change in terms of complexity of risk in the logistics and transport industry, and many are still basing their principal insurance product for this sector on a model of the freight forwarding industry that is up to thirty years old.
Writing in Inbound Logistics magazine, our colleague Dan Negron in New Jersey reports on a recent appeal for help from a member in the United States. He was handling an importation of roof tiles for a client, but it had been held up by the Customs & Border Protection service. There was nothing wrong with the tiles themselves, but the wood used in the crates did not bear a "permanent and legible mark" that it had undergone appropriate treatment against infestation.
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.
