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On March 17, 2021, Roanoke announced a major milestone that positively impacts our customers, our business and our team. We issued a press release that proudly announced the opening of a new Canadian company headquartered in Toronto, ON. The new organization, Roanoke Insurance Group Canada, Inc., part of Munich Re Specialty Group, N.A., leads our expansion into Canada. RIG CA is a retail and wholesale broker representing several top-rated insurance and surety bond companies. The new organization is led by one of Roanoke’s own industry veterans, Glenn Patton. He will serve as Managing Director of the Canadian operation. “I am […]
The Purpose of the Customs Bond Risk Assessment Why does a surety underwriter choose to to review the customs bond principal’s financial position? Because the bond represents a financial risk to the surety. The customs bond is a three-party contract between the surety company, US Customs and Border Protection (CBP), and the importer who is the principal on the bond. It is the principal’s responsibility to pay CBP all duties, taxes, and fees on entries made, and the bond is a guarantee that, if the principal can’t or for some reason doesn’t pay the duties, taxes, and fees on […]
In observance of the holiday, our offices will be closed on Monday, February 15th and reopen on the 16th resuming normal business hours. Happy President’s Day!
General Average (GA) is an often overlooked and poorly understood risk with significant financial consequences for cargo owners. Navigating through a GA can be a difficult and frustrating experience for logistics providers and cargo owners, but it doesn’t have to be. Join us on Wednesday, February 24th at 12pm CT as our panelists delve into the details about what you and your cargo owner clients can expect when a General Average is declared. They will share lessons learned from hands-on claims experience and provide answers to FAQs about General Average. This information is intended to help you and your […]
An important change written into CBSA Notice 20-28 went into effect as of January 4, 2021. Starting on this date only electronic house bills may be used for consolidated shipments, if not specifically exempted. This requirement directly impacts Freight Forwarders arranging shipments into Canadian ports. Freight forwarders are liable for the transmission of house bill data for all consolidated import, in-bond and in-transit shipments. Summary of CBSA eManifest Requirement Canada Border Services Agency (CBSA) requires Advance Commercial Information prior to entry into Canada. This is similar to the U.S. CBP’s Automated Manifest System (AMS) requirements. The data is received and validated […]
Overview The transportation, trade and logistics sector, like any other industry vertical, has been hit by ransomware, social engineering and other cyber threats. These threats upend operations and increase the total cost of risk for companies. In fact, transportation ranks among the top five industry sectors vulnerable to ransomware. There are several reasons why the transportation and logistics sector is so cyber-exposed, including its dependency upon third-party networks; the speed with which logistics transactions are conducted; the number of stakeholders involved in sharing information; and the potential access to confidential and sensitive financial, employment and intellectual property records. Without […]
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