Dockworkers' Strikes Can be Mitigated by Mutual Insurance
News that a recent longshoremen’s strike had effectively stopped cargo operations at the port of Baltimore, a major hub for foreign car imports into the US, underlined the Strike Club’s latest warning that strikes by stevedores continue to dominate the list of perils causing delays. The mutual insurer says that a recent analysis of its claims files shows that, in the 2012-2013 policy year, strikes accounted for 16.8% of claims, followed by collision (14.4%), closure of port or sealane (13.6%), and strikes by port workers (also 13.6%). Total net claims for the year were $16.8m, with mutual claims accounting for $12.0m net. A somewhat similar picture emerges from a review of the five-year period 2008-2013: closure of port or sealane (17.2%)…
Strike Club Weighs in on Port Strikes
The news this week that a longshoremen’s strike had effectively stopped cargo operations at the port of Baltimore, a major hub for foreign car imports into the U.S., underlines a new warning by The Strike Club. Strikes by stevedores continue to dominate the list of perils causing delays, reports the mutual insurer after a recent analysis of its claims files. In the 2012-2013 policy year, they accounted for 16.8%, followed by collision (14.4%), closure of port or sealane (13.6%), and strikes by port workers (also 13.6%). Total net claims for the year were $16.8m, with mutual claims accounting for $12.0m net. A somewhat similar picture emerges from a review of the five-year period 2008-2013: closure of port or sealane (17.2%)…
