Insurance Archives - The Loadstar Making sense of the supply chain Tue, 05 Nov 2024 12:29:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 31889032 X-Press Pearl claims case reopened after allegations of corruption https://theloadstar.com/x-press-pearl-claims-case-reopened-after-allegations-of-corruption/ https://theloadstar.com/x-press-pearl-claims-case-reopened-after-allegations-of-corruption/#respond Tue, 05 Nov 2024 12:29:46 +0000 https://theloadstar.com/?p=284313 The 2021 X-Press Pearl fire, reportedly the worst maritime disaster in Sri Lanka, has become controversial amid allegations of corruption in handling compensation claims under the previous government.
The island nation had a political leadership change in September, with left-leaning Anura Kumara Dissanayake elected as its new president.  
Containership X-Press Pearl, owned by Singapore-based X-Press Feeders, burned for almost two weeks before sinking off the Sri Lankan coast, sparking serious environmental concerns. The ...

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]]> https://theloadstar.com/x-press-pearl-claims-case-reopened-after-allegations-of-corruption/feed/ 0 284313 Insurance moves to the fore as US ports start to deal with delayed cargo https://theloadstar.com/insurance-moves-to-the-fore-as-ports-start-to-deal-with-delayed-cargo/ https://theloadstar.com/insurance-moves-to-the-fore-as-ports-start-to-deal-with-delayed-cargo/#comments Fri, 04 Oct 2024 10:42:25 +0000 https://theloadstar.com/?p=281962 Despite ending today, the lingering costs of the International Longshoremen’s Association (ILA) strike could leave uninsured US east and Gulf coast shippers with a hefty bill – and even those with cover could be caught out by unforeseen risks.  
Patrizia Kern, chief insurance officer at embedded insurance platform Breeze, told The Loadstar the effect on insurance claims would “largely depend on the length and scale of the strike”. 
Yesterday, the USMX ...

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]]> https://theloadstar.com/insurance-moves-to-the-fore-as-ports-start-to-deal-with-delayed-cargo/feed/ 1 281962 Loadsure launches motor truck cargo insurance https://theloadstar.com/loadsure-launches-motor-truck-cargo-insurance/ https://theloadstar.com/loadsure-launches-motor-truck-cargo-insurance/#respond Mon, 12 Feb 2024 11:06:48 +0000 https://theloadstar.com/?p=264911 PRESS RELEASE
London, 12 February 2024 – Insurtech MGA Loadsure today announces the launch of Columbia™- Motor Truck Cargo and Logistics Services Insurance, a data-powered insurance product, purpose-built for the logistics community.
Targeting SME enterprises, Columbia™ will provide market leading coverage, protecting motor carriers, freight brokers, and freight forwarders against damage to cargo. Supplemental coverages in addition to the main insurance agreement include business personal property, contingent coverage, contractual penalties, debris removal, ...

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]]> https://theloadstar.com/loadsure-launches-motor-truck-cargo-insurance/feed/ 0 264911 Ocean premiums rocket as insurers back away from Red Sea risk https://theloadstar.com/ocean-premiums-rocket-as-insurers-back-away-from-red-sea-risk/ https://theloadstar.com/ocean-premiums-rocket-as-insurers-back-away-from-red-sea-risk/#respond Wed, 10 Jan 2024 13:34:46 +0000 https://theloadstar.com/?p=262454 In addition to soaring ocean rates and shipment delays from the Red Sea crisis, exporters and importers are grappling with another major trade challenge: insurance cover. 
According to industry sources, most insurance companies are no longer willing to cover cargo sent on voyages transiting the Red Sea route, as they want to ward off the risk of high-value claims from cargo owners. 
Sources also noted that insurers have even pulled back policies ...

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]]> https://theloadstar.com/ocean-premiums-rocket-as-insurers-back-away-from-red-sea-risk/feed/ 0 262454 TT Club appoints Kamel Tlili as new regional general manager for Asia-Pacific  https://theloadstar.com/tt-club-appoints-kamel-tlili-as-new-regional-general-manager-for-asia-pacific/ https://theloadstar.com/tt-club-appoints-kamel-tlili-as-new-regional-general-manager-for-asia-pacific/#respond Mon, 09 Oct 2023 10:33:02 +0000 https://theloadstar.com/?p=256442 Kamel Tlili is the new regional general manager Asia-Pacific for international freight and logistics insurer, TT Club, in its Singapore office, tasked with maintaining and expanding a strong market position. 
Kevin King, TT deputy CEO, said: “We are excited to have Kamel join TT with his wealth of marine insurance experience and extensive contacts in the Asia Pacific markets. He is leading a highly experienced, first-class team of underwriting and claims ...

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]]> https://theloadstar.com/tt-club-appoints-kamel-tlili-as-new-regional-general-manager-for-asia-pacific/feed/ 0 256442 Insurtech start-up Breeze launches automated insurance solution https://theloadstar.com/insurtech-startup-breeze-launches-automated-insurance-solution-with-ceedbox-and-cardinal-global-logistics/ https://theloadstar.com/insurtech-startup-breeze-launches-automated-insurance-solution-with-ceedbox-and-cardinal-global-logistics/#respond Thu, 04 May 2023 08:42:32 +0000 https://theloadstar.com/?p=244586 PRESS RELEASE

The bespoke digital solution uses data and AI to improve Cardinal’s cargo insurance offering, bringing significant improvements in efficiency, accuracy, and customer satisfaction
 

 
London, UK, Thursday 4th May 2023: Digital cargo insurance innovator Breeze has partnered with logistics software provider Ceedbox and freight forwarding giant Cardinal Global Logistics (Cardinal) to develop an innovative solution that delivers seamless and instant all-risk cargo insurance, tackling the prevalent, global issue of underinsured freight.
Cardinal now uses Ceedbox’s advanced technology ...

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]]> https://theloadstar.com/insurtech-startup-breeze-launches-automated-insurance-solution-with-ceedbox-and-cardinal-global-logistics/feed/ 0 244586 Insurance premium hikes adding huge costs to Syrian relief flights https://theloadstar.com/insurance-premium-hikes-adding-huge-costs-to-syrian-relief-flights/ https://theloadstar.com/insurance-premium-hikes-adding-huge-costs-to-syrian-relief-flights/#respond Tue, 28 Mar 2023 11:43:57 +0000 https://theloadstar.com/?p=241080 Logistics operators moving aid into Syria following last month’s earthquake have slammed insurance companies, claiming they are profiteering from tragedy.
An executive of an airline at the forefront of the aid effort told The Loadstar it always expected to pay a premium for delivering to sanctioned countries, but insurance companies were taking advantage of the situation.
“Since sanctions were imposed on Syria, insurers have added what they call a ‘war premium’ of $10,000 ...

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]]> https://theloadstar.com/insurance-premium-hikes-adding-huge-costs-to-syrian-relief-flights/feed/ 0 241080 Be wary of forwarders offering insurance, warns shipper in Flexport case https://theloadstar.com/be-wary-of-forwarders-offering-insurance-says-hard-hit-shipper/ https://theloadstar.com/be-wary-of-forwarders-offering-insurance-says-hard-hit-shipper/#respond Tue, 10 Jan 2023 13:56:33 +0000 https://theloadstar.com/?p=233045 Shippers should be wary of forwarders offering insurance, according to a lawsuit filed against Flexport last week.
Advent Blocks, a start-up shipper of advent calendar toys for children, claimed it lost some $450,000 in sales when its products failed to reach the US in time.
It first talked to Flexport in May 2021 about moving its goods from South-east Asia to Ohio, in a highly time-sensitive move, given the short Advent period ...

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]]> https://theloadstar.com/be-wary-of-forwarders-offering-insurance-says-hard-hit-shipper/feed/ 0 233045 Ship fires increase and climate claims show worrying trend, says Allianz study https://theloadstar.com/ship-fires-increase-and-climate-claims-show-worrying-trend-says-allianz-study/ https://theloadstar.com/ship-fires-increase-and-climate-claims-show-worrying-trend-says-allianz-study/#respond Wed, 23 Nov 2022 13:59:28 +0000 https://theloadstar.com/?p=228815 The rise in lithium battery use is causing an increase in both the frequency and severity of ship fires, according to a report by Allianz.
Meanwhile, an increasing number of insurance claims point both to climate change and earnest efforts by shipping to address it.
The Allianz study measured insurance claims between January 2017 and the end of 2021, and found that fires were a rising cause for concern, increasing as a ...

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]]> https://theloadstar.com/ship-fires-increase-and-climate-claims-show-worrying-trend-says-allianz-study/feed/ 0 228815 Maersk rolls out container damage coverage ‘to end disputes over box repairs’ https://theloadstar.com/maersk-launches-container-insurance-to-end-disputes-over-box-damage/ https://theloadstar.com/maersk-launches-container-insurance-to-end-disputes-over-box-damage/#respond Tue, 14 Jun 2022 09:11:50 +0000 https://theloadstar.com/?p=212362 Maersk has now rolled out its  ‘container protection solution’ across 27 countries in Europe and Asia, aiming to simplify long-running disputes over import container damage charges.
The charges vary per country, but in Bangladesh, by paying $10 for the Container Protect Essential product, an importer can enjoy up to $100 in damage repair cost coverage.
If the importer pays $50, there is unlimited coverage to repair damage.
“Maersk has introduced the product in ...

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