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In emerging Asia where countries are becoming more litigious, the transport and shipping industry needs to mitigate and manage their risks.
It is certainly true that the larger the freight movement and the larger the chain of transport operators, the greater the risk of loss or damage.
Also, the sheer size of the regional logistics market means that transport operators need to understand their liabilities, protect themselves and offer value added services like cargo insurance to their customers to maintain the reputation of their business.
Risk management tips for transport operators
1. Have the right standard trading conditions
It is always advisable to seek the assistance of a qualified maritime lawyer to agree on the right trading conditions and the process to offer these trading conditions via offline and online environments.
2. Ensure trading conditions are understood and accepted by customers
The full terms must be provided prior to concluding any agreement to move freight for offline and online freight movement transactions.
3. Purchase freight liability protection
Freight liability cover is designed for transport operators for legal liabilities from loss or damage to freight being consigned under approved trading terms.
4. Clearly advise cargo insurance is not included
It is critical to clearly advise customers that cargo insurance is not included as part of any freight movement transaction.
5. Offer cargo insurance as a risk management mechanism to reduce such liability
The availability of a web-based marine insurance quoting and issuing system helps transport operators to reduce their liability by offering cargo insurance to their customers.
6. Arrange bespoke solutions for special contracts or increased liabilities
For any special contract entered into by a transport operator and its customer, the transport operator should contact their insurer to arrange for bespoke coverage solutions.
7. Transfer the risk of subcontractors
It is always advisable to seek the assistance of a qualified maritime lawyer to agree on the construction of a suitable principal contractor agreement and the process to offer these terms.
8. Seek risk management support from your insurer for heavy lift and over-dimensional freight movements
Larger and experienced insurance companies offer risk management support to risks they insure.
These risk mitigation tips are designed to foster sustainable growth among transport operators in Asia, the world’s largest logistics market.
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Disclaimer - All contents of this article are intended for general information/guidance purposes only and not intended to be an offer or solicitation of insurance products or personal advice or a recommendation to any individual or business of any product or service. This article should not be relied on for legal advice or policy coverage and cannot be viewed as a substitute to obtaining proper legal or other professional advice, or for reading the policy documents. You should read the policy documents to determine whether any of the insurance product(s) discussed are right for you or your business, noting different limits, exclusions, terms and conditions apply in each country or territory, and not all cover is available in all countries or territories.