2022: A Year In Focus: Risk-Taking In A World With Lessons

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Credit: William William/Unsplash

TT Club takes pleasure in regularly bringing attention to the constantly shifting risk profile of this complex industry as a specialist insurance provider to the international freight transport and logistics sector. Its most recent report, titled “2022 – A year in focus,” is a condensed version of the variety of recommendations it made last year to increase the impact of cargo handlers’ and transport operators’ risk management efforts, as reported by TT Club.

Loss Prevention 

Loss prevention is a key component of TT’s service philosophy, and last year, its qualified risk management professionals provided insight into the scope and specifics of many of the serious, ongoing risks to the safety and security of international freight supply chains. The full twenty pages of “2022 – A year in focus,” which are available for free download, reiterate the recommendations made by TT to mitigate these serious risks.

“While the loss prevention team strives to identify topics and initiatives that contribute significant value to both Members and the industry at large, the wider mission of helping to make the industry safer and more secure remains core to the entire TT,” says Peregrine Storrs-Fox, Director of Risk Management, in further explanation of TT’s risk mitigation philosophy.

“In this publication, in addition to reviewing an array of risk management guidance materials produced throughout the year, colleagues across the world offer insights on particular threats they are seeing on a day-to-day basis, demonstrating the breadth and depth of the global expertise.”

Public awareness

The review thus continues to focus on TT’s campaigns to raise public awareness of risks like lithium-ion battery transport, quay crane boom collisions, freight crime, warehouse security, and abandoned cargo, but it also includes information about the experiences of the TT service network from Greece to Taiwan, Argentina to Hong Kong, and the USA to Turkey. Such useful advice covers topics including general average, port congestion-related detention fees, the dangers of LOIs (Letters of Indemnity), “full liability contracting,” and air cargo cover.

As a result, TT provides “2022 – A year in focus” as a resource for current risks and hazards that people involved in the global freight supply chain may either utilise to learn from or update their risk management plans. Managing Director, Loss Prevention, Mike Yarwood emphasises cooperation as key, “Working together to understand individual business and industry needs is vital to ensure that loss prevention activities remain relevant and valuable. We cannot create this content alone. The running message throughout this publication is that each and every initiative has been driven by feedback from our Members and brokers, which provides invaluable on-the-ground input to achieve a safer, more secure and more sustainable trade environment.”

 

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Source: TT Club