Theft of cargo in transit remains highest among all types of cargo theft in 2020. This is one of the trends identified in the annual cargo theft report released by … Read more here..
Cargo insurance is a type of insurance that protects a buyer or seller of goods against damages or loss of cargo..
Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase” and in the case of cargo shipments, many people ask the question “Do I need cargo insurance for my shipment“..??
By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..
From a
• Local (Street to Street, City to City, Town to Town etc)
• Provincial (Within the same province or state etc)
• National (Province to Province, State to State etc)
• Global (International trade between countries)
• Regional (Within regional trade blocs like EU, BRICS etc)
there are several modes and types of trade/shipments around the world..
Where there is a shipment, there is a possibility of cargo damage and where there is the possibility of cargo damage………………….
The prevalence of cargo theft incidents continues to have a material impact on stakeholders in the supply chain in South Africa.
Analysis of recorded incidents, increased data sharing agreements, collaborations, and widespread dissemination of findings all serve to improve our understanding of the underlying risks.
Throughout 2020, several cargo theft trends developed in South Africa. The threat and violence involved with cargo theft hijackings in South Africa are historically the primary concern for supply chains in the region.
In addition to historical risks and trends, the first half of 2020 saw an increase in thefts from facilities and theft locations diversified between the first two quarters of 2020, reaching the Eastern Cape and Western Cape.
Additionally, food and beverage and medical supplies saw an elevated risk throughout the start of 2020. Understanding these developing risks, coupled with the continual threat of in-transit operations in the country, and how to mitigate the impacts they may have on your organization is crucial in building a truly resilient supply chain.
These are some of the highlights of a new report by TT Club and BSI on South Africa’s ongoing vulnerability to cargo theft as well as the trends during the first half of 2020.
Cargo theft can occur anywhere along the supply chain, affecting local logistics, transporters, storage yards, groupage operators, LCL consolidators, ports, depots, terminals, insurance, carriers and freight forwarders equally..
BSI Supply Chain Services and Solutions and TT Club have come together again to release the BSI & TT Club Cargo Theft Report 2020 which covers a detailed report of cargo theft and associated activities in the full year of 2019..
Cargo theft can occur anywhere along the supply chain affecting local logistics, transporters, storage yards, groupage operators, LCL consolidators, ports, depots, terminals, insurance, carriers and freight forwarders equally..
BSI Supply Chain Services and Solutions assesses that companies lose more than an estimated $76 million in UK alone due to cargo theft highlighting the seriousness of this issue..
TT Club one of the leading providers of insurance and related risk management services to the international transport and logistics industry and BSI have come together yet again to release the second edition of their report on global cargo theft covering the full year of 2018..
Shipping and freight does not just involve ships and containers.. Local logistics and transportation are also considered to be part of the industry.. Where there is transport, there is always … Read more here..
In this article TT Talk 188, the TT Club issues an alert against occurrence of cargo theft as well as highlight the steps that lines, booking departments and agents can take to prevent these situations..