Insurance provider, TT Club, is advising on the potential unforeseen exposures that may accrue in the face of the coronavirus outbreak - on top of the challenges already being experienced moving freight to and from China.
The logistics world is fraught with potential risks, and claims are perhaps inevitable. The exposure to such claims can be minimised, however, by maintaining a robust risk mitigation policy. Risk mitigation extends not only to the physical steps taken to improve operational safety and security, but also to ensuring, from the outset, that adequate contractual protections are in place.
Uncollected cargo has long been a challenge for stakeholders in the supply chain. Notwithstanding the attention, debate and advice around the topic, it remains at the forefront of logistics operators' minds. Every year the delay or failure of the consignee to collect cargo results in substantial storage, demurrage and detention costs. Such issues are invariably complex and require expensive management time to resolve.
