Industry Insights

TRIA Reauthorization and the Transportation and Logistics Industry During the last eighteen months there has been ongoing debate over the reauthorization of the government-backed Terrorism Risk Insurance Act (TRIA), which is set to expire on December 31, 2014. There have been multiple hearings during this time with the most recent taking place the week of April 8th. On the heels of the one-year anniversary of the Boston Marathon terrorist attack, the Senate just agreed to a bipartisan bill that would extend TRIA for seven years with some major changes. The primary change would increase insurer co-pays from 15% to 20% […]

Claims Made Vs. Occurrence-Based Insurance: The Debate Continues There is a lot of chatter about whether an Occurrence trigger vs. a Claims-made trigger is better for Errors & Omissions insurance coverage.  First, let’s understand the difference. Occurrence policies respond to claims that occurred during the policy term, regardless of when they are reported.  Claims-made forms cover claims presented against the policyholder during the policy term, regardless of when they occur. Why do both forms exist? While it’s likely that Occurrence triggers were around first, Claims-made triggers were developed by the insurance industry to address concerns associated with professional liability and […]

In May of 2013, Roanoke entered into a contract with the United States Council for International Business (USCIB) and expanded its role as a USCIB Carnet Service Provider. Roanoke now issues Carnets previously serviced by USCIB. This agreement enables USCIB to focus on oversight of the Carnet system and mitigate Carnet Claims, as the sole National Guaranteeing Association appointed by the U.S. Treasury. For example, USCIB recently expanded their Carnet influence globally by having USCIB’s Sr. VP Cynthia Duncan serve as Chairperson of the World ATA Carnet Council (WATAC). WATAC serves all 75 member Carnet countries and is striving for greater data […]

Cyber Liability Risks for Transportation and Logistics Companies Data breaches and privacy issues are at the forefront of our national discussion with high-profile cyber incidents making headline news, including the attack that hit retail giant Target this past holiday season, and concern over the potential increased risk of security breaches in the already often-targeted healthcare industry. No industry is immune to cyber crime, including the transportation and logistics sector. In a recent report by PricewaterhouseCoopers, “Transportation & Logistics 2030, Volume 4: Securing the Supply Chain,” among the many areas covered is the concern around data privacy as technology has facilitated […]

What is Errors & Omissions Insurance? As a freight forwarder, you serve as the intermediary between your clients and various transportation services. You send products from one destination to another, which often can involve many carriers (air freighters, trucking companies, rail, and ocean liners) and a laundry list of requirements and regulations throughout the entire process. Clients depend on your experience and expertise to arrange for custom clearance when crossing frontiers, negotiate the best routes and deals, arrange for proper packaging of goods, and to handle all the daunting details and documentation that come with transporting product. Well-ordered and accurate […]

Embedded GPS Devices Instrumental in Preventing Cargo Thefts, Vetting Drivers Also Key Last fall, FreightWatch Intelligence Center released a report citing the theft of cargo during a shipment of frozen seafood making its way from Massachusetts to California. Unbeknownst to the driver handling the shipment, the truck was embedded with a GPS locator that tracked its every movement as he handed off the trailer filled with product to his buddy who he had scheduled to meet up with in Georgia. The friend took the cargo to Florida while the truck driver made his way to Jackson, Missouri where he reported […]