Category Archives: Industry News

How Maritime Law Impacts Domestic Freight Insurance

Domestic Freight Insurance in a broad sense, covers road, rail, air and sea shipping and is primarily designed to protect the interests of the shipper of goods. The primary coverage is for damage to products while in transit or while in the custody of the carrier. The subject of this article is how courts have interpreted Maritime Law as it relates to Domestic Insurance and the impact that has on Insurance

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Cargo Theft on the Rise in United States, Protect Yourself with Cargo Insurance

According to Business Insurance, the average loss in cargo thefts has increased in the United States. 2014’s first quarter compared to

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The Benefits of Big Data on International Freight and Logistics

International freight forwarding has taken a step forward with the introduction of what is claimed to be the first automated online freight network. The network (a product of an Israeli company called Freightos) aspires to become the first Expedia type service for freight forwarders. As the logistics of the $4 trillion dollar freight industry gains efficiency, consumers may benefit with cost reduction in the system. Since 80-90% of products including food, apparel, electronics and equipment a

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How Mega-Ships Will Affect The Cargo Insurance Industry

It appears that the world’s biggest container shipping lines, Maersk, France’s CMA-CGM and Mediterranean Shipping Co., will get the go ahead to join together and form the P3 Alliance. The U.S. Federal Maritime Commission approved the alliance which means Europe and China will likely follow. With a capacity of 22% above demand, the shippers are looking for ways to compete in a crowded market. After the formation of the P3 alliance, three companies will control 40% of the container loads tr

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The Fall of Old Fashioned Break-ins; the Rise of Cyber Theft

The encouraging news for the transportation industry in 2013 was a reduction in the occurrence of physical break-ins and stolen trucks. However, it was also reported that cyber theft will be the preferred avenue driving cargo theft for the next decade. Cargo theft by cyber-crime demands less physical effort and is harder to detect, catch and prosecute. In 2013 there were 101 incidents of fictitious pickups accounting for 9% of reported cargo theft. Fictitious pickup can be explained as using

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Map-21 the $302 Billion Proposed Transportation Funding

The Map-21 Highway Trust Fund money is likely to run out in August. Map 21 expires September 30. Many in the transportation industry note frustrating, inefficient, and costly road congestion due to maintenance needs. At an intermodal station in St. Paul, Minnesota, on February 26, President Obama announced a$302 billion plan to address these concerns. The new transportation spending plan, if passed by Congress, would be partially funded by a one-time transition revenue from business tax refor

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The FMCSA CSA Program Comes Under Fire From NTSB

The FMCSA (Federal Motor Carrier Safety Administration) is getting some heat from the National Transportation Safety Board (NTSB). In January, the NTSB published its annual top 10 list of safety issues. Three of them directly related to highway safety: 1. Distracted Driving; 2. Driving While Impaired; and 3. Better Safety for Vehicle Occupants. The NTSB has called to question whether or not the FMCSA is doing enough to address these safety issues with their drivers. Specifically, NTSB C

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FMCSA Helps Veterans Move From Military to Civilian Life

More than 300,000 new jobs are expected in commercial trucking before 2020, according to the Bureau of Labor Statistics. On July 3, FMCSA (Federal Motor Carrier Safety Administration) Read More

Federal Maritime Commission Calls for Comments on Proposed Changes to OTI Bond

The Federal Maritime commission is accepting feedback on proposed changes to the OTI Bond. The purpose of these amendments is to adapt to a changing market. The new regulations will affect the licensing, financial responsibility requirements and duties of Ocean Transportation Intermediary's. The FMC's aim is to improve transp

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FMC Approves Rewrite of OTI (Ocean Transportation Intermediary) Regulations

Recently, the U.S. Federal Maritime Commission (FMC) voted 3-2 to move forward on a proposed rewrite of OTI (Ocean Transportation Intermediary) regulations. The new regulations would require: 1. OTI's to renew their licenses every two years; 2. foreign-based non-vessel ocean common carriers (NVOCC) to keep a full-time staffed U.S. presence; 3. more stringent qualification requirements for new OTI entrants, regarding age, experience, and character; and 4. increase in OTI bonding lev

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