Category Archives: Knowledge

Why you need Marine Cargo Insurance

if you are not purchasing  marine cargo insurance and you are shipping something from one side of the world to the other, you could be at risk. Did you know that freight forwarders aren't obligated to carry Marine Cargo Insurance? This means that when you ship something, there may be no financial protection in place. What Marine Cargo I

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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 as a freight broker 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

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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 (also known as a cargo 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 th

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

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

  • Know current pricing - The latest information on domestic rates is located on this site. With this, you can adjust your bu

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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 used 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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