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Shippers often mistake declared value coverage with Cargo insurance, but in fact they are quite different. It is important to understand these differences and how claims are paid under each type of policy. Following is a brief overview of how these policies work. The practice of declaring a value for carriage occurs when a shipper wants the option to pursue a recovery amount that exceeds the carriers stated limits should a loss occur. Declaring a value does not increase the carriers scope of liability, it simply allows the shipper to pursue a higher recovery. Consider a scenario in which a […]
The global insolvency of Hanjin Shipping Co. Ltd. had a tremendous impact on cargo owners, including losses involving the need to move cargo from one carrier to another; making arrangements for additional transportation modes; and taking measures to minimize losses resulting in additional storage fees, charges and fines; among other claims. Hanjin, the largest shipping company in South Korea and the world’s ninth-largest shipping company, operated about 60 regular lines worldwide. In 2016, it faced a severe liquidity crisis, and was unable to negotiate an out-of-court restructuring with its creditor banks and ultimately filed bankruptcy. Because Hanjin did not have […]
The rise of e-commerce is helping to meet the demand of businesses and consumers for faster delivery times of goods and causing logistics service providers to look at their businesses differently including their use of different transportation modes. An article recently published by JLL on logistic trends points out that while mega ships (the largest ships are now 22,000 TEUs) are dominant in transoceanic delivery they are not conducive to the speed-to-market demands of today’s e-commerce groups. (JLL is a financial and professional services firm specializing in commercial real estate services and investment management.) “The problem is that “the really […]
Roanoke is pleased to be a Gold Sponsor for the second annual Advanced Topics in Customs Compliance Conference! This event, taking place in Houston, Texas from September 20-22, 2017, brings together experienced import and export professionals, legal counsel, customs brokers and other international trade professionals in a highly productive environment where knowledge, experience and expertise can be shared among peers, and where meaningful relationships can develop and evolve for the mutual benefit of participants. It’s also important to note that this conference has been approved for 13.5CCS/10 CES credits through the NCBFAA Educational Institute (NEI). Conference speakers, including Roanoke’s own […]
Beginning April 1, 2017, liner-wide consolidation has entered its third generation with three new alliances: the Ocean Alliance, THE Alliance, and 2M Alliance. The first vessel-sharing consolidation of ocean carrier vessels took place back in the 1980s and 1990s and then again in 2011. The goal of these alliances is for carriers to pool their resources together to address overcapacity and underutilization of their vessels and save money. The carrier runs under their name, with their name also on the Ocean Bill of Lading, however the vessel carrying the cargo is not theirs. They are in essence sharing vessel […]
Are you prepared to respond to a cyber security breach? Transportation-related businesses are increasingly being targeted and all too often, focus on prevention rather than how to respond to these disruptive and potentially costly events. Attend this webinar to start formulating your action plan so you’ll be ready when disaster strikes. Roanoke will host a complimentary Cyber Security Webinar together with Chubb on Wednesday, April 19th at 1pm CT.Topics covered in this webinar: The Exposure Loss Trends Claims Scenarios Gaps in Traditional Insurance Coverages Specialty Coverage Options
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