Related Risk Management Services News

Provider of insurance and related risk management services to the transport and logistics industry TT Club said it welcomes the initiative of the World Shipping Council (WSC) in its recent publication of guidelines to the industry in relation to implementing the SOLAS requirements that become mandatory on July 1, 2016. Unlike the CTU Code, which forensically seeks to identify the chain of responsibility for everyone involved in the movement of freight, the amendment to the Safety…

The TT Club, an international transport and logistics insurance provider,  released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT Club’s strong financial performance in the year to date. We have obtained a mid-year combined ratio which is below 100% and slightly below the Board’s requirement. This is a very healthy place to be. “The current soft market conditions we are seeing have negatively impacted premium levels but this has been offset by good growth in Member reported volumes and also by net new business.

TT Club’s Senior Underwriter, Dan Negron, speaking at the recent TOC Americas Conference in Miami outlined his views on future Latin American trade growth and the pressures that this will create on the region’s transport infrastructure. “Two examples of robust economies are Colombia and Peru. The latter has grown its export trade by a multiple of five over the last decade, while Colombia has a sustained GDP growth rate in the region of 5% in recent years. Both have burgeoning middle classes, a significant driver of international trade,” explained Negron.

TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships. The container age was quietly born.

A new United Nations convention on carriage contracts (“Rotterdam Rules”) will impact the liability of marine terminal operators when it comes into force, according to TT Club. The UNCITRAL “Draft convention on contracts for the international carriage of goods wholly or partly by sea”, now known as the Rotterdam Rules, has been submitted on 20 October 2008 to the International Legal Committee of the United Nations General Assembly. It is near certain that the Rotterdam Rules will be approved by the United Nations. However, a signing ceremony is scheduled for September 2009, and the Rotterdam Rules would enter into force one year after signature by the 20th United Nations Member State.

TT Club, the transport and logistics industry's provider of insurance and related risk management services has appointed Colin Lewin as Chief Operating Officer, effective October 1, 2002. Lewin, currently Asia Pacific regional manager for TT Club, will take over the operational management of underwriting and claims in order to leave CEO Paul Neagle free to manage the strategic development of the business following its extensive planning initiative last year with Ernst and Young. Lewin has been involved in the insurance and transport industry for more than 20 years, joining TT managers Thomas Miller in 1986 after six years in various operational roles in the transport sector.