Industry Insights

As of September 1, 2015, the new officers of the International Trade Surety Association (ITSA) have been voted in and we are pleased to advise Roanoke’s Colleen Clarke has been elected as the new President of the association. While ITSA’s membership is small, it is a powerful voice for the customs surety industry with its members producing over 70% of all bonds on file with U.S. Customs and Border Protection. In addition to Roanoke, other ITSA members are Avalon Risk Management, International Bond & Marine and Navigators Insurance/Integro Insurance Brokers. Colleen has been a long time active participant in the […]

Most freight forwarders have an insurance policy to facilitate cargo coverage for their clients. However, not all of them effec­tively utilize it to maximize the benefit to both their company and their clients. Many shippers do not understand the intricacies of cargo insurance and/or the risk associated with uninsured cargo. This lack of awareness provides the forwarder an opportunity to distinguish themselves from their competitors by providing much-needed expertise. A professional transportation specialist can explain the need for cargo insurance and secure coverage for their clients. Providing this value-added service helps to strengthen client relationships and provides opportunities for growth. […]

Cargo theft is a multibillion-dollar problem across the nation, including in big food-producing states such as California. According to the FBI, highly sophisticated thieves – who often act with some privileged knowledge – have stolen up to $30 billion worth of cargo each year, including highly valued nuts, fruits and vegetables, meat, soda pop, cookies, electronics and cigarettes. Yet despite the extent of the food’s industry problem with cargo theft, lax security persists. According to FreightWatch International, which tracks cargo theft incidents, the vast majority (90%) of cargo thefts occur when trucks are left unattended at unsecured truck stops and […]

Friday, October 16, 2015 Sandler, Travis & Rosenberg Trade Report A year after substantially revising a proposal to overhaul its regulations on ocean transportation intermediaries, the Federal Maritime Commission may be preparing to issue a final rule. The Commission is scheduled to hold a partially open meeting Oct. 21 at which this rulemaking will be discussed. Also on the agenda are briefings on FMC information technology modernization, the Commission’s continuity of operations plan, and maritime discussions with Japan. In May 2013 the FMC outlined changes to its rules governing the licensing, financial responsibility requirements and duties of OTIs that were […]

In an October 5 Cargo Systems Messaging Service transmittal, CBP issued an “important reminder” to all importers & brokers that the importer of record must deposit estimated ADD/CVD when certain Post-Summary Corrections or Post Entry Amendments are filed. Two situations are in view: When the PSC/PEA is filed to change the Entry Type Code from 01 to 03. (However, if the correct deposit rate is zero, CBP should not require a deposit.) Although not mentioned in the CSMS, the requirement would also apply when the Entry Type is changed from 02 (Quota/Visa) to 07 (Quota/Visa-ADD/CVD Combination). This would also be […]

  When the El Faro cargo ship and its 33 crewmembers left the port of Jacksonville, Florida last Tuesday, October 1, Joaquin was a tropical storm. Yet, as the ship approached the Bahamas, Joaquin turned into a Category 4 hurricane, and by Thursday, El Faro was trapped in the crush of 50-foot seas and winds of 125 miles per hour, near the eye of the hurricane. Listing dangerously 15 degrees, the ship, full of cargo containers and cars, was taking on water. The engine failed, making it impossible to steer. Then, after a distress signal, all communication vanished at 7:20 […]