According to Verisk’s CargoNet system, cargo thefts in the United States and Canada fell 15% year over year in 2021, with an estimated $58 million in cargo stolen last year. The cargo theft database and information-sharing system recorded 1,285 supply chain risk events in both countries. Of those, 55 percent involved theft of at least… Continue reading Cargo Thefts Down 15% in 2021: Verisk
Tag: cargo insurance
Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Market conditions did not change significantly from the previous quarter in the fourth quarter of 2021, according to Woodruff Sawyer. We continue to see stabilization in many sectors of the commercial lines market, and cyber remains a concern for insurers as ransomware losses continue unabated. As premiums continue to rise, cyber buyers are feeling the… Continue reading Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Cargo Ship Carrying Thousands of Luxury Cars Sinks in the Atlantic
The Felicity Ace, a 60,000-ton merchant ship that caught fire on February 17 while transporting approximately 4,000 Lamborghini, Porsche, Bentley, Audi, and Volkswagen vehicles, sank Tuesday morning in the Atlantic Ocean about 220 nautical miles (253 miles) off the Azores islands, according to the ship’s management company. The Felicity Ace sank around 9 a.m. local… Continue reading Cargo Ship Carrying Thousands of Luxury Cars Sinks in the Atlantic
Burning Luxury Car Cargo Ship Felicity Ace Could Result in $500M Loss
According to Skytek, a software company that specializes in developing innovative solutions for complex and demanding industries, the fire that broke out on the Felicity Ace cargo ship, could result in a $500 million loss for the marine re/insurance market. The cargo ship was loaded with luxury cars as it departed Germany for the United… Continue reading Burning Luxury Car Cargo Ship Felicity Ace Could Result in $500M Loss
U.S. Safety Firm Withdraws Certification for Two Oil Tankers Over Iran Sanctions
According to documents obtained by Reuters, two tankers had their environmental and safety certification revoked by a U.S. company that provides such certification, following accusations by a U.S. advocacy group that they had shipped cargoes of Iranian oil. Countries targeted by tougher US sanctions, such as Iran and Venezuela, have responded with elaborate strategies to… Continue reading U.S. Safety Firm Withdraws Certification for Two Oil Tankers Over Iran Sanctions
Cargo Ships Are Again Idling Off Jammed Southern California Ports
Container ships are stacking up again off Southern California’s jammed ports, as a flood of imports and logjams in domestic logistics networks hit operations at the biggest U.S. gateway for seaborne trade. Thirty-seven container ships were anchored off the adjacent ports of Los Angeles and Long Beach in recent days, according to the Marine Exchange… Continue reading Cargo Ships Are Again Idling Off Jammed Southern California Ports
Amwins Partners with Loadsure to Deliver Instant, Per-Load Cargo Insurance to the U.S. Freight Industry
Loadsure recently announced its partnership with managing general agent, Amwins Specialty Logistics Underwriters (ASLU). Now, the agency’s logistics and cargo retail partners can offer access to dynamically priced, pay-as-you-go, all-risk smart coverage that includes automated claims—on a platform that takes just forty seconds to secure coverage. “Millions of uninsured and underinsured spot freight loads are… Continue reading Amwins Partners with Loadsure to Deliver Instant, Per-Load Cargo Insurance to the U.S. Freight Industry
Ports Press Congress, Biden for Emergency Funds
A coalition of 37 maritime industry groups is asking Congress and President Joe Biden to fund a new relief program to strengthen an industry weakened by the effects of COVID-19. “Despite container surges at several large ports, commercial cargo volumes have plummeted across the industry — total waterborne trade volume is down 5.5% compared to… Continue reading Ports Press Congress, Biden for Emergency Funds
Maersk Ship Loses 750 Containers Overboard in Pacific Ocean
A cargo ship operated by A.P. Moller-Maersk A/S lost several hundred containers in the Pacific Ocean while sailing through heavy seas from China to Los Angeles, the latest in a spate of incidents in which boxes carrying millions of dollars’ worth of goods have gone overboard. The company said the Maersk Essen, which has capacity… Continue reading Maersk Ship Loses 750 Containers Overboard in Pacific Ocean
Insurers, Drugmakers Sail into Unknown with COVID Vaccine Rollout
Speedy global delivery of COVID-19 vaccines by air and sea in ultra cold conditions will lead to a jump in cargo insurance rates and spur demand for new areas of coverage, leaving underwriters on high alert. Pharmaceutical companies normally manage the risks of transporting their products through buying insurance or relying on an in-house insurer,… Continue reading Insurers, Drugmakers Sail into Unknown with COVID Vaccine Rollout