TT Talk - UK - deregulation of freight forwarders’ retail cargo insurance
TT Talk Edition 117 (item 1) of 25 March 2009 reported the deregulation in the UK of retail cargo insurance that can be offered by freight forwarders and storage firms. Craig Neame, partner at HFW (London), kindly referred us to the newly published 'Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2009', Statutory Instrument 2009 No. 264, which entered into force on 6 April 2009:
In 2007, Statutory Instrument 2007 No.1821 exempted freight forwarders and storage firms from the general prohibition imposed by the Financial Services and Markets Act 2000 concerning cargo insurance offered to commercial customers. The new Statutory Instrument 2009 No. 264, by deleting the passage 'who is not an individual' from the definition of 'customer', i.e. by defining customer simply as 'a person who uses the service of a freight forwarder or storage firm', widens this exemption to insurance offered to retail customers. The 'Explanatory note' states that Statutory Instrument 2007 No. 1821 extends the exemption so that freight forwarders and storage firms 'may extend rights under their insurance policies to both their commercial and their retail customers' without becoming subject to regulation under the Financial Services and Markets Act 2000.
You may also be interested in:
The Global Liner Shipping Conference to be held over the next two days in Hamburg provides a good opportunity for international freight transport insurer TT Club to continue with its mission to improve the poor safety conditions presently afflicting the shipping of hazardous materials
How managing the spread of coronavirus is impacting freight forwarders and logistics operators
This briefing considers the potential impact on ocean freight and supply chain management activities of freight forwarders and logistics operators should steps to curtail the spread of coronavirus continue to disrupt the movement of goods. While key concerns will distil to delays and potentially cargo deterioration, the following provides some guidance on the potential risks to freight operators and how to mitigate them.