Industry Insights

An additional insured clause is attached to a third-party liability policy for the purpose of extending the coverage provided by that policy to the party named in the clause.  An additional insured clause is commonly requested along with evidence of various types of insurance in conjunction with a contract or agreement. For example, Party A leases office space from Party B. Party B requests that an additional insured clause be attached to Party A’s commercial general liability policy in favor of Party B.  An individual slips in the building, breaks an ankle, and subsequently files a claim against both Party […]

Increasingly more of your customers are asking – or insisting – that you sign a hold-harmless agreement in order to maintain a business relationship. While it might be necessary in order to get or keep a client, be aware that you assume someone else’s liability when you sign. Don’t be mistaken, this has an impact on your business. A Sample Hold Harmless Agreement: To the fullest extent permitted by law, the vendor agrees to defend, indemnify, and hold harmless the entity, its elected and appointed officials, employees and volunteers and others working on behalf of the entity against any and […]

Marine Cargo Insurance is a staple to the transport of goods both domestic and international, and transportation intermediaries and logistics service providers are in an ideal position to offer quality Cargo Insurance, sometimes referred to as Shippers Interest, to protect their clients’ financial interests. No matter how robust a shipper’s loss-prevention strategy may be, it is reported that 30% of all freight damage in transit is unavoidable, and most losses occur on the way to or from the ports. Furthermore, the FBI estimates that up to $30 billion in cargo theft occurs every year, and the majority of cargo theft […]

The beauty of customizable cargo insurance is in its comprehensive applicability to very specialized shipping needs, but under that beautiful face lies a web of wrinkles that could represent hidden exposures to uninsured losses. Three issues that should be at the top of your list when placing a cargo insurance policy are the insolvency exclusion, warehouse-to-warehouse/duration and improper packing. Can all of the important details be top of mind for a single risk manager or insurance agent? Probably not. That’s why it’s crucial to include your entire management team in the insurance policy placement process. You need to understand and […]

Profits in a number of big shipping lines rose dramatically in the first quarter of 2015. A drop in the price of oil and the rising value of the U.S. dollar helped bolster profits, even though unit costs increased for some shipping lines. The influence of market forces outside shippers’ control suggests that high profits could be short-lived should economic conditions change. Two large lines reported massive swings in profits, and several countries said they saw increases in traffic. Maersk Line reported a record $714 million profit for first quarter 2015, an increase of nearly 60% from first quarter 2014, […]

The newest FreightWatch International EMEA Intelligence report is out, and the news isn’t good for the Netherlands and Germany. In the first quarter of 2015, the Netherlands had 31% of the cargo thefts in Europe, the Mideast and Africa, followed closely by Germany at 26%. The U.K. had the next greatest cargo theft risk, with 11% of thefts occurring there in the first quarter, followed by Italy (8%), Spain (7%), France (4%), Austria (4%), South Africa (4%), Russia (3%) and Poland (2%). There were a total of 284 cargo theft incidents recorded in the EMEA region between January and March […]