TT Talk - Major regulation affecting cargo shipments

  • Date: 27/07/2009
  • Source: TT Talk 121

According to Information Paper 40/2009 published by ICHCA International, security regulations for air and sea cargoes in the EU and US are being made increasingly strict. Already, specific data on the contents of all containers headed for the US must be sent to the US Customs and Border Protection at least 24 hours before loading at the foreign port. The US is now working toward a 100% cargo screening of everything entering the country by 2010 - a goal that many insist is almost impossible. In a separate initiative, the EC is running trials on technology-based solutions for better container security on imports from Asia to the EU.

In the effort to improve security measures, many worry that the costs will be too high, especially in the current times of economic insecurity. These concerns are well-founded, not only when taking into account the monetary strains but also in considering the immense scale of such requirements.

Many believe a more feasible alternative would be a practical, intelligence-led approach to security through an effective selection process for targeting suspicious cargo. The reality is that regardless of the resolution, there is a steady movement toward more stringent security in the supply chain. This must always be taken into account when planning the transport of goods in order to avoid loss.

Please read the ICHCA International’s Information Paper Number 40, compiled by the International Security Panel, for more information on this issue.

Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority. 

The UK VAT Identification number for Through Transport Mutual Insurance Association Limited is: GB 564 5244 35 and for TT Club Mutual Insurance Limited is: GB 564 3375 30. The Italian VAT Identification number for TT Club Mutual Ltd is: 03627210101.

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