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6 Ocean Cargo Risks That Can Disrupt Supply Chains - The Risk List: Presented by Travelers

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Travelers explores 6 Ocean Cargo Risks that can disrupt supply chains and offers quick tips and things to consider to help navigate these risks.

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6 Ocean Cargo Risks That Can Disrupt Supply Chains - The Risk List: Presented by Travelers

  1. 1. PRESENTED BY THE RISK LIST: TRAVELERS INSIGHT EDITION OCEAN CARGO RISKS THAT CAN DISRUPT SUPPLY CHAINS CLICK TO EXPLORE 6
  2. 2. PRESENTED BY Failure to understand and comply with in-country and foreign insurance requirements can cause costly delays. COMPLIANCE 1 THE RISK LIST: TRAVELERS INSIGHT EDITION # < HOME 1 ><
  3. 3. PRESENTED BY THE RISK LIST: TRAVELERS INSIGHT EDITION # 1COMPLIANCE QUICK TIPS Take these precautions to avoid compliance issues in unfamiliar places: 1. Ensure your carrier has the ability to place local policies in foreign countries. 2. Access qualified local expertise to help understand local laws in order to achieve proper compliance. < HOME 2 ><
  4. 4. PRESENTED BY Getting claims settled quickly and fairly in a foreign country can be challenging without access to local claim agents. CLAIMS 2# THE RISK LIST: TRAVELERS INSIGHT EDITION < HOME 3 ><
  5. 5. PRESENTED BY # 2 THE RISK LIST: TRAVELERS INSIGHT EDITION CLAIMS QUICK TIPS Seek out these professionals for smoother sailing during the claims process: 1. Local claims representatives who can overcome and work with local customs and practices. 2. Dedicated agents “on the ground,” who can speed up the claim settlement process. < HOME 4 ><
  6. 6. PRESENTED BY Substandard facilities and procedures can increase the potential for damage and theft of goods in storage. FOREIGN WAREHOUSING 3# THE RISK LIST: TRAVELERS INSIGHT EDITION < HOME 5< >
  7. 7. PRESENTED BY THE RISK LIST: TRAVELERS INSIGHT EDITION 3# FOREIGN WAREHOUSING QUICK TIPS You could be in store for a major hassle without implementing the following precautions: 1. Work with an insurance company that has access to local risk control resources. 2. Seek local expertise to help find the right location for temporary storage of your goods. < HOME 6 ><
  8. 8. PRESENTED BY Cargo is always susceptible to theft, with a higher likelihood in areas such as Mexico, parts of South America, and Eastern Europe. THEFT 4# THE RISK LIST: TRAVELERS INSIGHT EDITION < HOME 7 ><
  9. 9. # 4 PRESENTED BY THE RISK LIST: TRAVELERS INSIGHT EDITION Reduce the risk of cargo theft and hijacking with these precautions: 1. Work with insurance carriers who know international theft/hijacking hot spots. 2. Consult local experts to better understand the current local threats. 3. Develop procedures to best position your cargo to avoid these threats. 4. Leverage technology from reputable providers who specialize in protecting transportation risks. THEFT QUICK TIPS < HOME 8 ><
  10. 10. PRESENTED BY Failure to properly pack and secure goods for shipment can result in damage that is easily preventable. POOR PACKAGING 5# THE RISK LIST: TRAVELERS INSIGHT EDITION < HOME 9 ><
  11. 11. PRESENTED BY # THE RISK LIST: TRAVELERS INSIGHT EDITION POOR PACKAGING QUICK TIPS Use these tips to help protect shipments: 1. Consult with knowledgeable transportation service providers when determining what is required to properly load and secure cargo. 2. Consider protecting your cargo from both physical and environmental effects that are present during intermodal shipment. 5 < HOME 10< >
  12. 12. PRESENTED BY Allowing shipping agents or storage providers to handle insurance coverage can result in terms and deductibles that don’t fit your needs. THIRD PARTY RISKS 6# THE RISK LIST: TRAVELERS INSIGHT EDITION < HOME 11 ><
  13. 13. PRESENTED BY # THE RISK LIST: TRAVELERS INSIGHT EDITION THIRD PARTY RISKS QUICK TIPS Don’t leave it all up to risk. Follow these proactive procedures when contracting: 1. Control insurance transactions with a company that tailors coverage to fit your unique needs. 2. Ensure coverage is “all risk” and as broad as possible. 6 < HOME 12 ><
  14. 14. FOR MORE INFORMATION visit travelers.com/business-insurance/ ocean-marine/cargo PRESENTED BY THE RISK LIST: TRAVELERS INSIGHT EDITION Copyright © LRP Publications. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of LRP Publications is prohibited. The content and graphics of the Risk List are editorial opinions of Risk & Insurance and are for informational purposes only. Travelers sponsorship of such content does not constitute an endorsement of the contents or graphics or Risk & Insurance’s views expressed in such content. < HOME

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