Cargo Insurance

On the open sea cargo losses happen. Every year, 100s of millions of cargo containers carrying goods valued into the trillions of dollars crisscross the ocean on ships. Transporting these goods safely requires proper packing, stowage, container weight, and securing of containers, but even when all these measures are carried out to perfection, containers get lost at sea. Severe weather and rough seas along with rare events such as ship groundings, structural failures, and collisions can cause significant losses. 2022 World Shipping Council “Containers Lost at Sea” Report The World Shipping Council (WSC) has released its annual report on containers […]

Glenn Patton, Managing Director for Roanoke Insurance Group Canada, sat with Tony Pelli of BSI Supply Chain Solutions to discuss supply chain risks and management strategies. From warehouse thefts to risks associated with transporting goods, there are many proactive checks that logistics service providers can implement to mitigate the impact of supply chain issues on their business. Below is a summary of some of the most concerning risks and tips for proactively addressing them. RISK: WAREHOUSE THEFT Although warehouse thefts were down slightly in 2022 compared to 2021 (29% to 26%), they continue to rank as the highest theft type, […]

What were the top commodities stolen in 2022? What types of cargo thefts occurred most often? The answers to these questions and much more are now available in the 2002 Global Cargo Theft Report published in partnership with BSI Supply Chain Services and Solutions. Logistics service providers and cargo owners can leverage this information to understand their supply chain risks better and address potential vulnerability areas. In this report, Roanoke and BSI collectively assessed cargo crime in 2022 compared to previous years. In addition, we identified essential mitigation advice that companies could implement to prepare for the current trends and […]

On the open sea cargo losses happen. Every year, 100s of millions of cargo containers carrying goods valued into the trillions of dollars crisscross the ocean on ships. Transporting these goods safely requires proper packing, stowage, container weight, and securing of containers, but even when all these measures are carried out to perfection, containers get lost at sea. Severe weather and rough seas along with rare events such as ship groundings, structural failures, and collisions can cause significant losses. 2021 World Shipping Council “Containers Lost at Sea” Report The WSC in its report noted an usually high number of weather-related […]

In 2021, the evolving supply chain landscape, characterized by a pandemic, an opening up of the economy, and shifting cargo crime, cumulatively forced companies to solidify their ability to adapt to new challenges. As goods travel through global trade hubs, like Los Angeles and Yantian, they are susceptible to a variety of cargo crime risks, including theft, insider participation, fictitious pickups, pilferage, and counterfeiting, to name a few. As global trade rebounds and freight rates stifle, volume increases, adding yet another layer of risk to companies transporting goods throughout last year and carrying into 2022. In this report, BSI and […]

Cargo thieves are poised to strike as you look forward to relaxing by the lake or beach during the upcoming Memorial Day weekend. Cargo theft increases during extended holiday weekends because cargo is typically left unattended for longer periods. However, you can stay ahead of these opportunistic thieves and reduce exposure by following these best practices to secure your supply chain. Premise Inspection and Security Check Check that all security equipment is in working order Perform alarm tests and check your CCTV for functionality Does the alarm and CCTV work during a power outage? If not, you will need a […]