Logistics and Warehouse Insurance: Understanding its Complexity
In October 2013, a fire blazed through Brazil’s Santos port, destroying six warehouses and the 180,000 tons of raw sugar inside Sugar Company Copersucar’s terminal. The fire hit all of the sugar giant’s warehouses at the port and left many exporters holding contracts for sugar with an empty bag. Following the fire, Copersucar declared “force majeure” to third party exporters who had contracts to ship the sugar through the now-burned terminal. Force majeure is a legal term referring…
ABS Elects New Council and Committee Members
At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D. Somerville. • Robert G. • James G. • Maria F. • Chow Yew Yuen, Keppel Offshore & Marine USA Inc. • Dr. Jen-Hwa Chen, Chevron Shipping Co. • Dr.
Travelers Develops New Marine Construction Insurance Package
Whether building piers and docks, repairing bridges or retrofitting port facilities, construction contractors experienced in working along the waterfront are in demand. To help construction contractors manage both the marine and non-marine exposures that come with working in and around the water, Travelers has developed the Marine Construction program, an insurance package that combines specialized underwriting, risk mitigation solutions and claim services. “Construction contractors who work around the waterfront face a number of complex risks when managing marine, non-marine and contractual liability exposures,” said Virginia Cameron, Chief Underwriting Officer, Travelers Ocean Marine.
