Transport Insurance News

The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package.

The U.S. Treasury said on Fridayit has imposed sanctions on Russia's leading tanker group Sovcomflot FLOT.MM, as Washington seeks to reduce Russia's revenues from oil sales that it can use to support its invasion of Ukraine.The Treasury Department's Office of Foreign Asset Control also designated 14 crude oil tankers vessels as property in which Sovcomflot has an interest. It issued a general license allowing the offloading of crude oil, or other cargoes, from the vessels for 45 days."Sovcomflot as a whole…

International Container Terminal Services (ICTSI) Ecuador has launched the first transport insurance program for banana trade.Contecon Guayaquil SA, the Ecuadorian subsidiary of ICTSI, will be providing banana-exporters with a comprehensive insurance program, increasing coverage for the transport. ICTSI claims that Contecon Guayaquil SA (CGSA) is the world’s biggest banana export port.Designed according to the needs of Ecuador’s export market – SIE, Ecuador’s first integral insurance for banana exporters was launched recently through efforts of CGSA-led Logistics Community of the Port of Guayaquil (Comunidad Logistica del Puerto de Guayaquil – CLPG).Supported by RSA Seguros as advisers and multi-national insurers CHUBB and Zurich…

ICHCA International, the global NGO and membership association for cargo handling operations, technical, HSSE and risk professionals has signed a Memorandum of Understanding (MoU) with the International Association of Ports and Harbors (IAPH) to pursue cooperative projects of mutual interest. This includes the sharing of the research and findings of ICHCA’s Technical Panel (ITP) with the IAPH membership through its own working groups. The ICHCA Technical Panel has recently launched four new working groups on Dangerous Goods, Digital & Innovation, Straddle Carrier Safety and Dry Bulk Cargoes. The four new working groups were established following consultation with the ITP’s 80+ members who represent cross-sectoral private and public-sector experience from the worlds of shipping…

Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from avoidable risks. It is estimated that for every unit cost incurred in insurance claims it can cost between eight and thirty-six times that amount in direct and indirect uninsured losses for the business involved*.

In a speech given to the Trans Middle East Conference in Qatar in May, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club, called for operators to do more to minimize the causes of incidents resulting in bodily injury, cargo and property damage. Analysis of extensive TT Club data has shown that over 80% of insurance claims related to cargo handling at ports and terminals are the result of operational shortcomings or poor equipment maintenance.

Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines. Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region, underlining the Club’s commitment to provide its Members with both local expertise and global coverage. From its headquarters in Manila, Del Rosario Pandiphil will be dedicated to handling TT Members’ claims in the most comprehensive and effective manner.

Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level to both Members and brokers in the Middle East. Julien Horn, having already been TT’s underwriter dedicated to the Middle East for some six years now, will relocate to Dubai on secondment to Through Transport Mutual Services (Gulf), the Club’s long established joint venture Network Partner.

In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a consequence of dynamic changes in global trade. Statistics compiled by the World Bank reflect the fast-growing influence of the so-called South-South trade routes between Latin America, Africa and Asia. The value of exports on this trade now exceeds that between the developing and developed countries of the world, representing 32% of total global trade.

Freight transport insurance specialist TT Club said it is continuing its efforts to reduce risk in the supply chain. Through constant analysis of the claims it receives, the international insurer has pinpointed an array of operational circumstances that more commonly cause dangerous incidents resulting in bodily injury, sometimes death, and significant loss and damage to cargo, equipment and property. Following in a series of presentations at industry gatherings, by which the club seeks to draw attention to such causes and advises on steps to improve safety…