TT Live

This week, Mike Yarwood, Managing Director Loss Prevention, talks with Geraldine Savin, Senior Claims Executive for the TT Club about the importance of incorporating standard terms and conditions (STCs). 

In an industry fraught with potential risks, disputes and claims are perhaps inevitable. The exposure to claims can be minimised, however, by maintaining robust management controls - such as STCs. A business' STCs are often its primary risk management tool, used for setting out the terms under which they interacts with their customers. As we explore in this podcast however, the ability to rely on the provisions of STCs is not a given. 

This week, Mike Yarwood, Managing Director Loss Prevention, talks with Kate Andrews, Underwriter for the TT Club about contract review. TT are regularly involved in contract reviews for our Members, while in our capacity as insurers, we are unable to provide legal advice to our Members, we are able to identify concerns and certain clauses that we can advise our Members to either challenge with their customer, seek legal advice on or highlight potential financial risks where insurance cover might not respond to the full extent of the risk. This episode will look at examples of how this all works in practice. 

A complex conflicts of laws judgment that provides guidance on a broad range of issues beyond the innate jurisdictional dispute. This is relevant for freight forwarders and shipping agents to consider.

2020 has clearly increased awareness of microbiological risks. This has set the populations of whole nations on unaccustomed regimes. While such viral concerns continue, equal challenges are being recognised in relation to the potential for movement of visible pests through the intermodal supply chain globally.

Already on the front line and proven critical to the world’s economy, performance in the global supply chain will now be catapulted into the public gaze like never before. As initial reports emerged in November of a break-through in the development of a COVID-19 vaccines, focus immediately turned to the supply chain and distribution capable of maintaining integrity and protecting the cargo from theft.

This week, Mike Yarwood, Managing Director Loss Prevention, talks with Andrea Gentile, Senior Claims Executive for the TT Club around the topic of due diligence. Effectively a risk management tool, due diligence can help businesses mitigate the risks they face every day. As we continue to see the globalisation of trade, new opportunities are found more often than not in other parts of the world making thorough due diligence paramount in verifying legitimate third-party business.

This week, Mike Yarwood, Managing Director Loss Prevention, talks with Julien Horn, Senior Underwriter, about the risks of conducting business with unfamiliar jurisdictions. Opportunities in emerging markets can seem attractive, especially when the global economy is sluggish, however these opportunities are not without risk and thorough due diligence should be conducted before making any contractual commitments. 

Mike Yarwood, Managing Director Loss Prevention is joined by Julien Horn, Senior Underwriter for the TT Club to discuss the risks around doing business in unfamiliar jurisdictions. The globalised nature of the supply chain means that there are often opportunities to expand into new and emerging markets - especially when developed economies are particularly sluggish. Expansions into new and unfamiliar territories, however, do not come without risks and thorough due diligence should always precede any contractual commitment. 

Mike Yarwood, Managing Director Loss Prevention is joined by Andrew Watson-Steward, Cargo Underwriter at TT Club, to discuss the differences between liability insurance and cargo insurance.

Understanding the differences between liability and cargo insurance is crucial when it come to ensuring there are no gaps in cover and no avoidable losses.

Mike Yarwood, Managing Director Loss Prevention is joined by Manos Karanikolas, Senior Claims Executive, to discuss the risks and challenges surrounding uncollected or abandoned cargo. 

Uncollected cargo is a perennial challenge for freight forwarders and NVOCC operators. The issue can result in considerable costs on container demurrage, detention, storage and disposal costs. Aside from the purely monetary risks, incidents of uncollected cargo demand a significant management resource to resolve and have the potential to affect commercial relationships. 

Avoiding uncollected cargo incidents can be challenging, however, management controls and mitigation strategies can assist in reducing the frequency of incidents. Early identification of the risk and being empowered to mitigate the consequences will reduce exposures. All incidents are complex and will incur costs, prevention is therefore better than managing the incident effectively once it has happened. Crucial to prevention is maintaining management procedures to identify shipments, which present a heightened risk and taking evasive action to protect your business...