Category Archives: Knowledge

The Role of Capital, Credit and Cargo Liability Insurance in International Commerce

The success of global trade is significantly influenced by the role the financial sector has in the logistics of international payments. Large commercial banks finance about 90% of international commerce transactions. This includes the issuing of letters of credit which guarantees payment by a bank until the transaction is finalized upon delivery. This process begins when the seller and buyer negotiate an export contract that spells out price, amount and when and where the delivery of goods o

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Freight Broker Insurance Coverage Considered

Working with a multitude of individuals and companies to broker motor carriers and shipping services means dealing with transportation on a consistent basis. Freight broker insurance is an absolute must, and this is because you need to protect yourself and shippers and motor carriers you do business with. Knowing what coverage types are worth purchasing will help you spend your money wisely. Contingent Cargo Protection Since you are not going to know what a carrier’s insurance policy cover

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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, 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 arrive

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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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Fun Facts About Ocean Freight

At any given time, there are around five to six million containers that are loaded on ships and sailing the world’s oceans. This is just one of the amazing facts about ocean freight you might not be aware of. Here are some other interesting facts we thought worth mentioning: • Approximately two-thirds of all container ships have no means of communications whatsoever with an OTI (Ocean Transportation Intermediary) aside from the captain’s radio while they are on the open sea. • Pirate

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Seven Reasons Why You Should Use a Freight Broker For Your Logistics Solutions

In today’s challenging economy cost control plays a critical role in the continuity of any business. Shippers from manufacturing, retailing and other industries are recognizing the benefits that Third Party Logistics services can deliver. Here are seven benefits ranging from savings in infrastructure to reduction in liability exposure. Fixed Costs - Utilizing the services of a 3PL can reduce the investment in equipment, buildings and computer systems. Variable Costs - A shipper can take

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FMCSA Driver Detention Study

Driver Detention occurs when the shipper impedes the truck driver from loading or unloading through no fault of the carrier. The acceptable industry standard is two hours, although rules tariffs (carrier rules that govern their operation and their charges) allow up to four hours. Most carriers have a two hour grace period before they start charging penalties. Currently carriers are charging detention rates ranging from $25 to $90 per hour. At the present time, waiting at the docks and termina

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Tips for FMCSA Registration and Compliance

Motor carriers face a variety of regulations that they must follow based on many aspects. The FMCSA (Federal Motor Carrier Safety Administration) requires different types of licenses and insurances for motor carriers. The system can easily become complicated, especially if you are unsure about what motor carrier classification you are under. In addition, freight brokers face different requirements t

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Understanding Your Cargo Insurance

Not all cargo insurance is the same. The breadth of coverage, service, pricing, and loss prevention varies with each insurer. A low cost policy might save you money, but it could also mean you have less coverage. Because cargo insurance covers the legal liability of the carrier as the transporter of freight, carriers cannot afford to be cheap with cargo insurance. The carrier may have to do some research, but if the carrier knows what

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