Category Archives: Knowledge

Seven Fundamental Principals to 3PL (Third-Party Logistics) Success

If you are growing frustrated with old 3PL (Third-Party Logistics) methods of handling domestic freight insurance, we may be able to help. Here are seven ways to handle 3PL (third-party logistics) differently: Know current pricing – The latest information on domestic rates is located on this site. With this, you can adjust your budg

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OTI Surety Bond Overview

If you’re an ocean freight forwarder, then you are likely familiar (and if you aren’t familiar, then you certainly should be) with the OTI Bond Program. As it’s always good to remind yourself of the details of the business, here are some facts from the Federal Maritime Commission (FMC) to refresh your knowledge: Ocean Tran

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The Origin of the Ocean Cargo Policy

Perhaps the first cargo insurance program was the “general average” practice of the inhabitants of Rhodes in ancient Greece around three thousand years ago. Groups of merchants whose goods were being shipped together collected a pool of money that would be used to reimburse any merchant for losses during transport because of sto

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The Emergence of Third Party Logistics as a Key to a Globalized Supply Chain

As the global transportation industry continues to evolve, Third Party Logistics or 3PL is becoming a global norm, part of the expectations for businesses, who expect door-to-door delivery and total management of their delivery needs at every place in between. At this very moment, intensive market research is underway to study Third Part

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The Purpose of OTI (Ocean Transport Intermediary) Surety Bonds

An  Ocean Transport Intermediary (OTI) Bond is not an insurance policy, although it does serve a similar purpose of a financial guaranty. It is a regulatory requirement of the Federal Maritime Commission (FMC). The company serving as an ocean freight forwarder or a Non-Vessel Operating Common Carrier (NVOCC) must be able to guarantee thei

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Cargo Theft Increases over Holidays & How Insurance and Risk Management Can Help Mitigate Your Exposures

Holidays like the Fourth of July provide you all with rest from work, a chance to reconnect with family and friends and time for fun. Who would think that holidays also provide thieves with opportunities to steal the cargo that you work so hard to protect? According to a recent report from Property Casualty 360°read more

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The Role of Capital, Credit and Cargo Liability Insurance in International Commerce

The success of global trade is significantly influenced by the role the financial sector has in the logistics of international payments. Large commercial banks finance about 90% of international commerce transactions. This includes the issuing of letters of credit which guarantees payment by a bank until the transaction is finalized upon de

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Freight Broker Insurance Coverage Considered

Working with a multitude of individuals and companies to broker motor carriers and shipping services means dealing with transportation on a consistent basis. Freight broker insurance is an absolute must, and this is because you need to protect yourself, shippers, and motor carriers you do business with. These freight broker tips will help y

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The Benefits of Big Data on International Freight and Logistics

International freight forwarding has taken a step forward with the introduction of what is claimed to be the first automated online freight network. The network (a product of an Israeli company called Freightos) aspires to become the first Expedia type service for freight forwarders. As the logistics of the $4 trillion dollar freight indust

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How Mega-Ships Will Affect The Cargo Insurance Industry

It appears that the world’s biggest container shipping lines, Maersk, France’s CMA-CGM and Mediterranean Shipping Co., will get the go ahead to join together and form the P3 Alliance. The U.S. Federal Maritime Commission approved the alliance which means Europe and China will likely follow. With a capacity of 22% above demand, the shipp

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