TT Club Highlights the Special Nature of Freight Liability in Russia
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club's General Manager, EMEA, Kevin King and Kirill Berezov from the insurer's long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator's liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region.
London & Moscow, 11 May 2015
TT Club believes that there is an urgent need for international freight forwarders, logistics companies and other transport operators doing regular business in Russia to understand fully the extent and nature of the liabilities that they bear when delivering customers' freight in the country. Increasingly the services which transport operators provide to cargo owners are expanding into areas beyond the straight-forward delivery of inbound containers, to such functions as cross-docking, warehousing, re-packaging, sub-assembly and distribution.
As a consequence, the liabilities for loss and damage to cargo, as well as third party claims, alter from the traditional norms with which they have been more familiar in the past. Education is therefore required so as such transport operators do not, unwittingly open themselves up to the possibility of high value claims against which their previously adequate insurance cover may not protect them.
TT Club, with its experience of twenty plus years as a player in the Russian freight liability arena, a resourceful base in the London market and an extensive global network of correspondents, is well qualified to provide such an education.
Berezov and King took advantage of the forum provided by the annual Trans Russia Conference in Moscow in late April to address some of the issues which often present difficulties to operators in Russia.
"In answering some vexed questions, such as whether there is a limit to transport operator liability, why cargo insurance isn't an alternative to liability cover and how careful risk management can avoid disastrous claims during a financial crisis and an upswing in criminal activity, we hope to assist operators to service trade to, within and from Russia more effectively", said King.
Panditrans' Berezov added, "The rules on liability in Russia can be quite different from those in other jurisdictions and without specialised knowledge and advice, many transport operators may experience a short-lived foray into the Russian freight market".
Notes to editors:
TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. As a mutual insurer, TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.
Customers include some of the world's largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.www.ttclub.com
About Thomas Miller
Thomas Miller is an independent and international provider of insurance, professional and investment services.
Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Investment management for institutions and private clients
- Professional services
- Building defects insurance
Tel: +44 (0)1737 248300
Tel: +44 (0)20 7204 2632
You may also be interested in:
Speaking at the 6th Med Ports Conference in Livorno (Italy) last month, TT Club's Andrew Huxley highlighted that cyber activity is a daily operational risk which needs to be addressed urgently.
TT Club announces positive financial results for 2017 and A.M. Best affirms A- (Excellent) rating
TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2017, and A.M. Best affirms its A- (Excellent) rating.
VGM Period of Grace Ends on 1st October
The three-month settling-in period suggested by the IMO to its Member States in which competent authorities were urged to adopt a 'practical and pragmatic' approach to the enforcement of the SOLAS revision stipulating all packed containers have a verified gross mass (VGM) before being stowed aboard a ship comes to an end on 1st October.