Category Archives: Knowledge

Going Global with Risk Management

As with any industry, shipping and transportation will come under the challenge to design contracts with partners and clients in a way that legally avoids administrative fines and penalties. In addition to these risks there are country-specific fines affecting the business of international freight forwarding, creating a need for consistently updated knowledge regarding ocean and air freight in particular. Domestic freight companies should, under usual circumstan

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OTI Bonds

If you are an ocean Freight Forwarder or Non-Vessel Operating Common Carrier (NVOCC) handling cargo destined to or from the United States, being licensed and bonded as an Ocean Transportation Intermediary (OTI) is a mandate.  OTI Bonds warrant completing all contracts with shippers and carriers.  NVOCC and Forwarder compliance with Federal Maritime Commission regulations protect and ensure the shipping public. Although bonds do provide a level of asset pro

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Freight Forwarders need for Contingent Cargo Insurance

As a freight forwarder, you regard yourself as a vital middle man. You negotiate all the transportation, paperwork, and customs hurdles to ensure safe seamless transport of cargo from your shipper to his consignee. But as you know all too well, in certain situations you can also feel like you're the middle man in a game of dodge ball. When you arrange a pickup from a shipper you can be held liable for any damage done to the cargo by the trucking company since you provide him with your bill of

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Four ways a Freight Broker helps your business

If you have product that requires shipping from one destination to another chances are you need a freight broker. There are several steps involved in transporting cargo and without the expertise of a broker it’s easy for important details to go unattended. Here are four ways a freight broker helps your business. Insurance Provider Freight brokers play a vital role in cargo movement, acting as the middle man between the shipper and carrier, negotiating

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Seven Fundamental Principals to 3PL (Third-Party Logistics) Success

If you are growing frustrated with old 3PL methods of handling domestic freight insurance, we may be able to help. Here are seven ways to handle third-party logistics differently:

  • Know current pricing - The latest information on domestic rates is located on this site. With this, you can adjust your budget to include insurance.
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OTI Surety Bond Overview

If you're an ocean freight forwarder, then you are likely familiar (and if you aren’t familiar, then you certainly should be) with the OTI Bond Program. As it's always good to remind yourself of the details of the business, here are some facts from the Federal Maritime Commission (FMC) to refresh your knowledge:
  • Ocean Transportation Intermedia

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The Origin of the Ocean Cargo Policy

Perhaps the first cargo insurance program was the "general average" practice of the inhabitants of Rhodes in ancient Greece around three thousand years ago. Groups of merchants whose goods were being shipped together collected a pool of money that would be use to reimburse any merchant for losses during transport because of storms or sinking. The ancient Athenians' so called "maritime loans" provided funds in advance for voyages with the interest rates calculated according to risk. Repayment wa

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The Emergence of Third Party Logistics as a Key to a Globalized Supply Chain

As the global transportation industry continues to evolve, Third Party Logistics or 3PL is becoming a global norm, part of the expectations for businesses, who expect door-to-door delivery and total management of their delivery needs at every place in between. At this very moment, intensive market research is underway to study Third Party Logistics, the sudden growth of 3PL and future prospects for thi

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The Purpose of OTI (Ocean Transport Intermediary) Surety Bonds

An  Ocean Transport Intermediary (OTI) Bond is not an insurance policy, although it does serve a similar purpose of a financial guaranty. It is a regulatory requirement of the Federal Maritime Commission (FMC). The company serving as an ocean freight forwarder or a Non-Vessel Operating Common Carrier (NVOCC) must be able to guarantee their legal obligations for the shipment of cargo will be met, payments for shipments will be

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Cargo Theft Increases over Holidays & How Insurance and Risk Management Can Help Mitigate Your Exposures

Holidays like the Fourth of July provide you all with rest from work, a chance to reconnect with family and friends and time for fun. Who would think that holidays also provide thieves with opportunities to steal the cargo that you work so hard to protect? According to a recent report from Property Casualty 360° crooks see the holiday as a time to take advantage of undermanned police, tired and anxious transport workers and other holiday by-p

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