Industry Insights

As we approach the one-year mark of the massive explosions that took place at Tianjin Port in northern China last August, where 173 people were killed with hundreds more injured and more than 300 buildings destroyed, it’s critical that all those involved in the global supply chain continue to examine their operational practices and risk policies to prevent such a tragedy and loss from reoccurring.  Recent reports indicate that the Tianjin incident generated property losses among insurers in Europe, the U.S., Asia and Bermuda of between $2.5 and $3.5 billion, representing the biggest insured loss of 2015. Moreover, it’s the […]

On June 17, CBP issued CSMS# 16-000499 announcing major changes in ISF enforcement. The following summary is based on the CSMS and subsequent NCBFAA ISF Subcommittee discussions with CBP. Effective for shipments on the water on or after June 30, CBP will operate as follows: Except as noted below, CBP is viewing the Interim Final Rule (published November 25, 2008) as a “final rule.” Flexible requirements for certain data elements are retained. Ports will initiate liquidated damage demands (“LD”) without Headquarters review. Ports will no long be required to grant “three strikes”/issue informal warnings to importers. There is no change […]

The Occupational Safety and Health Administration (OSHA) announced a new rule last month that will affect the way transportation companies and other businesses report injury and illnesses to the agency. Presently, most employers unless specifically exempt, are required to maintain injury and illness reporting records on a log (Form 300) with supporting documentation. Each employer summarizes this information annually using OSHA Form 300A, which is then posted in the workplace from February 1 to April 30. Besides serious injuries that require immediate reporting, such as amputations, fatalities, or accidents requiring hospitalization, employers have not been required to submit injury and illness […]

When looking to insure your transportation-related business from all types of property exposures including flood damage, it’s helpful to understand that a policy designed to respond will depend on where the water comes from. There are two types of coverages available: Sump/Sewer Backup coverage and Flood insurance. Do you need one or another or both to properly protect your business property? Let’s first look at how sewer backup and flood are defined. Sewer backup is defined as “water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or […]

Logistics service providers (LSPs) and transportation intermediaries are being warned to ensure their security practices are up to date and beefed up for the upcoming Memorial Day weekend, a holiday linked to record-high cargo thefts. According to FreightWatch International’s Supply Chain Intelligence Center (SCIC), Memorial Day weekends in the past recorded elevated theft levels up to 40% higher than non-holiday weekends. In fact, the 2015 Memorial Day weekend recorded a record-high 15 cargo theft incidents averaging in excess of $600,000. Following is a list of notable cargo thefts that occurred during past Memorial Day weekends, courtesy of FreightWatch. These include: […]