Cargo Insurance

  ONE Apus via Twitter   On November 30th, the cargo ship, ONE Apus, sailing from Yantian, China to Long Beach, CA, encountered severe weather. Swells exceeding 20 feet struck the vessel. An estimated 1816 containers were lost overboard, and containers remaining onboard received significant damage. Current estimates are that over $200 million worth of cargo was lost or damaged. The ship is now berthed in the port of Kobe, Japan, where operations are underway to remove containers.    One of the most pressing unknowns around this accident is whether or not the vessel owners will declare a General Average (GA). A General […]

The insurance industry is highly cyclical. A soft market cycle is defined by lower insurance premiums, broader appetite and coverage, increased capacity (the availability of high limits), and greater underwriting flexibility. Alternatively, a hard market is characterized by higher insurance premiums, diminished capacity, more conservative underwriting, and fewer carriers writing certain coverage lines and specific industries. For the last few years, the insurance industry has been  experiencing a hardening of the market. Today we are well into a hard market across most insurance lines effecting the majority of industries. Insurance experts predict that the hard market will continue into 2021, […]

    By Rick Bridges (VP, Client Development) and Grant E. Goldsmith (VP, National Accounts)   Warehousing risk is complicated with multiple stakeholders involved in the supply chain with varying levels of responsibility for the cargo. To effectively put together solutions to finance risks, warehouse providers require an insurance broker who understands not only their business but also the complexity of modern warehousing. It takes a broker who comes with the expertise, creativity, and insurer relationships to move beyond what has been traditionally done and can think outside the box. Roanoke’s  Rick Bridges, VP, Client Development, and Grant E. Goldsmith, […]

  Beefing Up Mitigation Measures Essential for Supply Chain Security The coronavirus has upended our lives and businesses with stay-at-home orders, shutdowns, and limited crews to handle ongoing operations with remote work as the new normal. Amid this changing environment, criminals are taking full advantage of the disruption and high demand for personal protective equipment (PPE). Everything from medical-grade N95 masks to surgical gloves, gowns, test kits, and ventilators along with consumer goods such as hand sanitizers, toilet paper, disinfectants, and cleaning solutions are prime targets for counterfeit products and theft. For example, in April, 15,000 coronavirus diagnostic tests and more […]

Cargo Insurance Fundamentals Explained for Logistics Service Providers  We’re thrilled to release the *NEW* e-Book titled, CARGO INSURANCE e-SSENTIALS.  This e-Book was developed to serve as a valuable resource and reference document for Logistics Service Providers and those involved in Supply Chain Logistics. This is the first resource planned in a series of insurance and surety related reference documents. This electronic document will be updated as necessary with new or expanded information related to Cargo Insurance and it how the coverages function in the real world. The goal of this CARGO INSURANCE e-SSENTIALS is to help Logistics Service Providers explain […]

    Multipurpose covers a huge variation of vessels including heavy-lift capability, but all are typically geared with some type of crane or derrick. In this modern age, multipurpose vessels will also have hatch openings that allow full access to ’tween decks and lower holds. While ’tween decks can be fixed but often flexible in their location, lower holds can often stretch the full length of the allowable cargo area. Some multipurpose vessels have lift-on, lift-off; roll-on, roll-off; or float-on, floatoff capabilities, and many have container carrying facilities, both in the hold and on deck. Tony Betteridge, head of marine […]