Transport Insurance - Logistics, Supply Chain & Marine
Marine Transport Insurance
Seaports have been natural sites for the transshipment of cargo from one mode of transport to another since their evolution. Historically, ports have provided links between maritime and inland transport and acted as an interface between seas and rivers to roads and railways.
Over the past four decades increases in world trade and globalisation have led to ports being drivers of national and regional economic development. Highly sophisticated ships, B Double Trucks, better quality roads, automated container terminals and computerised storage and distribution facilities means supply chain management in 2018 is a lot more complex, yet much more effective and efficient.
With complexity comes risk. As such Marine cargo, Transport and Logistics Liability remains a very important yet necessary specialisation within the insurance industry. At McKenzie Ross, we have demonstrated an unmatched commitment to the industry by building a transport and logistics team that holds first class insurance expertise. We are capable of providing specialist risk assessment and loss mitigation advice, as well as contractual advisory services.
The evolution of the Logistics Industry
Australia is an island continent with a massive and sophisticated inland domestic freight task. McKenzie Ross understands the dramatic change in contractual terms being used in the domestic freight task. Historically the industry prospered off the back of “all care and no responsibility” type standard contracts.
In recent years however, we have seen a shift in this unfair approach to the custodianship of third party cargo. Today, transport operators deal with sophisticated customers who require them to be responsible for the goods they are carrying or storing.
Logistics operator’s today contract on terms that represent a whole spectrum of liability, from no liability to negligence-based liability to no-fault based contracts. McKenzie Ross understands the developments and the differences. As such we can provides seamless protection for our clients for new and onerous contractual liability exposures.
Traditional insurance markets for land-based transport and logistics providers continue to offer very basic and antiquated products. Traditional brokers or risk advisors will no doubt continue to sell these products.
McKenzie Ross provides modern and seamless solutions for transport and logistics service providers including 3PL operators, haulage operators, large and diversified freight forwarders and storage and distribution centres. Our solutions consider your business risk and contractual exposures and provide the necessary protection where it is needed.
It is our ongoing strategy to provide innovative and tailored risk and insurance packages to meet the individual needs of our clients that ensures our success in this industry.
McKenzie Ross, in partnership with select underwriters can provide cover against liabilities, including associated legal costs, Contractual Liabilities, Errors & Omissions and Cargo Liability to provide the level of cover that road transport, warehouse and 3rd Party Logistics operators require.
A dedicated McKenzie Ross logistics specialist can discuss:
- Your risk exposures under Incoterms 2010
- Cargo accumulation
- Errors and Omissions exposures for Freight Forwarders
- Contractual Liability exposures for 3PL providers
- Journey and Voyage limitations
- Marine Liability and General Liability
- Cargo cover for international or domestic goods in transit (including project cargo)
- Ports & harbours coverage, including inland storage and distribution
- Freight Forwarders’ Liability
- Stock throughput and storage risks
- Inland marine and related property (for moving or moveable assets)
- Marine hull and machinery (blue-water and brown water/inland)
- Property and Business Interruption coverages
- Environmental & Pollution Liabilities
- Directors & Officers and other Management Liabilities
- Liabilities cover for crews, freight handlers, port and terminal operators and stevedores.
- Aviation hull and liability for cargo aircraft and fleets
- Cyber & Privacy Protection Risks
- Trade Credit
If your logistics business has evolved with the industry, yet your insurance program is the same as it was five years ago, give McKenzie Ross a call and talk to a specialist that understands your business and your exposures.