Articles
Risks and Rewards: Risk Management Strategies
Keep Your Business Out of Harm’s Way
Q: I am a logistics provider. In addition to a policy that protects me from cargo damage claims, I have a general liability policy that covers bodily injury and property damage claims. I know I could face a claim if someone trips and falls while visiting my office, but I rarely have visitors, and my […]
Read MoreLiability Lessons Learned in 2005
This year began with expectations that insurance rates would finally decline as markets recovered from the effects of Sept. 11. Over the past several years, insurers imposed strict underwriting disciplines to restore profitability to the market, which, in turn, attracted new capital. This brought about greater competition and with it, the prospect of softening premiums. […]
Read MoreBuying Business Insurance? Dig Deeper
Q: It has been four years since the events of Sept. 11 caused the world’s insurance market to restrict coverage and raise prices. Now, many are wondering if Hurricane Katrina will have the same effect on insurance. What do forecasters predict? A: Insurers are still assessing Hurricane Katrina’s financial impact, gathering details on the magnitude […]
Read MoreProtecting High-Value Cargo
Q: My company moves sensitive, high-value instruments throughout North America for hospitals, universities, and government facilities. Because these instruments are difficult to handle, we use special riggers to install them. Given these instruments’ specialized nature, when damage occurs during transit and the instruments must be repaired or replaced, it means significant costs and delays. We […]
Read MoreTriple Threat: Fighting Multiple Cargo Claims
Q: I am an NVOCC. Recently, I imported a shipment of assorted metal products to the United States. During shipment, some of the goods were damaged, and the receiver filed a claim against me. I paid the claim based on the limited liability in my bill of lading.The goods were insured under a cargo policy […]
Read MorePlugging Cargo Liability Leaks
Q: I own a fleet of tank containers. A customer recently used one of my tanks for a shipment of concentrated juice. During transit, the tank developed a leak and a significant amount of concentrate was lost. The customer filed a claim against me, but my insurance company—which covers my cargo liability—says I may not […]
Read MoreFencing in Cargo Theft Concerns
Q: I operate a warehouse with a fenced yard. As a favor, I recently allowed a truck driver to park his rig with a trailerload of cargo in my yard over a weekend. I did not issue him a standard warehouse receipt because it was a temporary arrangement, and the goods were not unloaded from […]
Read MoreCompliance the Top Concern of 2004
Q: Looking back at 2004, regulatory compliance issues posed a big concern for my business. Am I facing this challenge alone? What were the biggest issues logistics professionals faced this year, from a liability standpoint? A: Security issues dominated the news in the supply chain industry throughout 2004, as various government agencies took steps to […]
Read MoreSteering Clear of Roadside Risk
Q: I recently made arrangements with a trucker to transport a co-loaded trailer from the Midwest to the East Coast. The trailer jackknifed on the highway and overturned, causing an accident with another car. I’m worried because I received a letter holding me responsible for any injury and property claims that may result from this […]
Read MoreBracing for an End to Terrorism Insurance
Q: What’s the latest word on terrorism insurance? I keep hearing that this insurance might not be available soon. What does this mean to the transportation industry? A: The terrorist attacks on Sept. 11, 2001, dealt a serious financial blow to the insurance industry. In the aftermath of the attacks, the industry retrenched itself by […]
Read More