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.
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.
On 31 December 2019, the WHO China Country Office was informed of cases of pneumonia of unknown cause detected in Wuhan City, Hubei Province of China. A novel coronavirus was identified as the causative virus on 7 January 2020.
The announcement of another fire on board a container ship early in January 2020 – the first publicised this year – reinforce the vital importance of increasing rigour around the transport of dangerous goods (and not just by sea).
The importance of implementing robust due diligence procedures, incorporating all aspects of your business, cannot be underestimated as key risk mitigation. If something appears too good to be true, then it probably is…
It may be frustrating where proceedings are commenced but not followed-through in a reasonable time-frame. English law articulates three requirements before a claim may be struck out and this judgment clarifies that all three must be satisfied.
International freight and logistics insurer, TT Club has announced the appointment of a new Network Partner, tasked with providing support for those the Club insures around the world, in Qingdao, China. The seventeenth such facility that TT provides globally, this complements the Club’s regional offices in Shanghai and Hong Kong.
Incorporation of Incoterms into a sale contract will not bind any third party, or govern any other contract. It remains for the seller or buyer to ensure that the agreed Incoterm correctly reflects the reality for finance, carriage and insurance. Start with the end in mind!
1 January 2020 will witness the introduction of Incoterms® 2020. Revised every ten years, in common with previous editions, this latest revision has been assessed against current business practices, taking into account new technologies and challenges faced through the intervening period.