One of the less apparent consequences of the pandemic has been a noticeable increase in drug trafficking exploiting the maritime supply chain. No entity welcomes the embarrassment, almost certain cost and potential reputational damage. What to do?
With business transactions and communication handled almost exclusively online these days, there is increased risk of fraud in the fast-paced digital environment, making due diligence more critical than ever.
In this week's episode, Mike Yarwood, Managing Director Loss Prevention, talks to David Fairnie of BSI Supply Chain Services and Solutions about the security threat posed by the insider. While difficult to evidence, there is often suspicion in cargo theft incidents of a degree of insider involvement - sometimes it's just too much of a coincidence that the thieves knew exactly which truck to target and at what time. In this episode we look at how thieves infiltrate a company, who they might targe...
In this week's episode, Mike Yarwood, Managing Director Loss Prevention, talks to David Thompson of Signum Services about the cargo theft strategies that are most commonly used by thieves. Strategies discussed include: round the corner theft, Romanian rollover theft, staged incidents and "blue light" crime. This episode will outline these strategies, how they work in practice and how stakeholders in the supply chain can identify the red flags and mitigate the risk of exposure.
In episode three of TT's supply chain security podcast, Mike Yarwood talks again to David Thompson about depot security and how to mitigate the risk of theft. Depots are a critical node in supply chains all over the world. Such locations might function as an operating centre for trucks, trailers and containers, a temporary storage facility as well as a secure area to park vehicles. For those with intentions of stealing cargo, transport depots provide an excellent one stop shop opportunity of an ...
In this weeks episode, Mike Yarwood, TT's Managing Director Loss Prevention, and David Thompson of Signum Services, drill down into the subject of fraud and how individuals and organised criminal gangs pose as legitimate companies to access and steal cargo. After all, fraud knows no geographical boundaries and is deployed by criminals the world over.
The risk of abandoned cargo is hardly new; every year the delay or failure of a consignee to collect cargo costs the industry significant time and money. Now it's costing lives.
With climate change increasingly impacting port operations and infrastructure every year, costs resulting from unpredictable storm damage are set to rise, putting port authorities and terminal operators at increasing risk.
This is the first episode in a series of six focused on supply chain security, in particular cargo theft and related crimes. In this interview series we will consider a range of risks including fraud, depot security, common theft strategies and the threat posed by the insider. In this first session, Mike is joined by David Thompson, Signum Services (the in-house investigative arm of Thomas Miller), to provide a general overview of supply chain security and why it remains a topic of focus for TT ...
An interesting English law reminder of the reach of the ancient principles of general average (GA). In this instance the cause is piracy, but the case involved the interfaces between differing contracts and sharing risk – both by way of insurance and GA.
There are dots to be joined between freight crime and societal challenges, such as those related to narcotics, people trafficking and terrorism. It is time to take concerted action.
Stakeholders in the global freight supply chain can easily become victims of fraud - notably carrier fraud and procurement fraud – especially in today’s digital business environment that enables fraudsters to transact with reduced risk of getting caught.
While not responsible for the arrangement of cross border freight, ports and terminals in both Great Britain (GB) and the European Union (EU) are critical nodes in the international supply chain. Handling the freight at the point of export or import and in some cases becoming the border control post (BCP). The three-phase model to import changes adopted in GB means that while some changes took affect from 1 January 2021, the full range of changes will not come into force until 1 July 2021....
While devastating fires on trucks and trailers can start in several ways, some 65% are caused by issues related to the wheel and brake assembly area, according to TT Club's claims analysis data for 2019.
An interesting case from Singapore, in circumstances where no formal contractual relationship had been formed. It acts as a reminder that it is always prudent for all parties to a transaction are certain of the terms that will apply and ensure that formalities are followed.
Change to the way containerised cargo is entered into the supply chain is critical - as well as how it's loaded on board ships. When cargo of any kind is incorrectly declared and packed, it can lead to catastrophic ship fires at sea. Poor packing not only leads to tragic loss of life, but is estimated to cost the industry more than USD6 billion each year.
The importance and impact of careful drafting of contracts is exemplified in this UK Supreme Court decision. While the ruling brings clarity to English law, it represents congruence with other jurisdictions. It is most prudent to be deliberate in documenting law and jurisdiction choices in contracts.
Much of the world has experienced a year like no other and it seems that elements of life remain hung over despite the transition to 2021. As expectations run high that the world can overcome the pandemic, it might be time to consider ‘COVID-keeps’.
Environmental, social, and governance (ESG) factors are increasingly considered by businesses in the context of identifying both risks and opportunities for growth. Inevitably, as the world enters 2021, businesses will be looking back at the experiences through 2020 and reviewing systems and processes. Contingencies and resilience have in the last year proved fundamental to survival. However, the need to invest in the development of employees, particularly the next generation of employees is als...
A critical stakeholder in the cross border movement of freight is the road haulier. The many items we as a society take for granted simply would not be available without this often-overlooked stakeholder. Virtually every item of freight at some point in the supply chain has been transported by truck. Whether over an international journey or the final mile delivery, the importance of the road haulage industry should not be underestimated. As we head into the final weeks before the end of the Brex...
While all supply chain stakeholders will be affected by the now fast approaching end to the Brexit transition period, freight forwarders and logistics providers might need to consider the impact more than most. Attention is required not only for movements in each direction between Great Britain (GB) and the European Union (EU), but also those shipments to, from and through Northern Ireland.
As we approach the end of the Brexit transition period on 31 December 2020, there are a number of changes that will affect the import and export of goods to and from the European Union (EU). This episode looks to address these changes will impact the operations of stakeholders in the supply chain, whether you are a driver, a haulage company, a freight forwarder, a customs intermediary or a port operator.
This week, Mike Yarwood, Managing Director Loss Prevention, talks with Geraldine Savin, Senior Claims Executive for the TT Club about the importance of incorporating standard terms and conditions (STCs). In an industry fraught with potential risks, disputes and claims are perhaps inevitable. The exposure to claims can be minimised, however, by maintaining robust management controls - such as STCs. A business' STCs are often its primary risk management tool, used for setting out the terms under w...
This week, Mike Yarwood, Managing Director Loss Prevention, talks with Kate Andrews, Underwriter for the TT Club about contract review. TT are regularly involved in contract reviews for our Members, while in our capacity as insurers, we are unable to provide legal advice to our Members, we are able to identify concerns and certain clauses that we can advise our Members to either challenge with their customer, seek legal advice on or highlight potential financial risks where insurance cover might...
A complex conflicts of laws judgment that provides guidance on a broad range of issues beyond the innate jurisdictional dispute. This is relevant for freight forwarders and shipping agents to consider.
2020 has clearly increased awareness of microbiological risks. This has set the populations of whole nations on unaccustomed regimes. While such viral concerns continue, equal challenges are being recognised in relation to the potential for movement of visible pests through the intermodal supply chain globally.
Already on the front line and proven critical to the world’s economy, performance in the global supply chain will now be catapulted into the public gaze like never before. As initial reports emerged in November of a break-through in the development of a COVID-19 vaccines, focus immediately turned to the supply chain and distribution capable of maintaining integrity and protecting the cargo from theft.
This week, Mike Yarwood, Managing Director Loss Prevention, talks with Andrea Gentile, Senior Claims Executive for the TT Club around the topic of due diligence. Effectively a risk management tool, due diligence can help businesses mitigate the risks they face every day. As we continue to see the globalisation of trade, new opportunities are found more often than not in other parts of the world making thorough due diligence paramount in verifying legitimate third-party business.
This week, Mike Yarwood, Managing Director Loss Prevention, talks with Julien Horn, Senior Underwriter, about the risks of conducting business with unfamiliar jurisdictions. Opportunities in emerging markets can seem attractive, especially when the global economy is sluggish, however these opportunities are not without risk and thorough due diligence should be conducted before making any contractual commitments.
Mike Yarwood, Managing Director Loss Prevention is joined by Andrew Watson-Steward, Cargo Underwriter at TT Club, to discuss the differences between liability insurance and cargo insurance. Understanding the differences between liability and cargo insurance is crucial when it come to ensuring there are no gaps in cover and no avoidable losses.
