TT Club

The global freight transport insurer is encouraging supply chain stakeholders to understand better the interrelationship of the various functions in the intermodal network, particularly in the United States where one effect of the enlarged Panama Canal will be to increase importers’ routing options in order to supply internal markets

New Jersey, 12 November, 2015

Dan Negron

Speaking at the recent TOC Americas Conference in Panama, TT Club’s Senior Underwriter Dan Negron outlined the future opportunities to diversify both the export and import supply chains in the US as the widening of the Panama Canal (due to become operational early next year) will allow larger container ships to transit from Asia to Gulf and Atlantic Coast ports.

Explaining how freight transport and logistics operators are adapting to provide increasingly efficient and economic options to shippers, Negron said, “Stakeholders are beginning to understand the complex relationships of functions within the intermodal system.  Some have diversified to become multi-functional participants in the system.  However, whether operators choose to act independently or to diversify in this way, all need to ensure that they engage in best practices to avoid systems failures and delays.”

Additionally Negron pointed out the need to consider potential congestion at pinch-points beyond the ports of entry as the domestic transport process to deliver goods is adapted to changes in routings to and from internal markets.  The West Coast dominant intermodal network that has previously prevailed in serving Asian imports has had well documented congestion problems and care must be taken in avoiding similar failings as other alternative routes develop.

Negron put forward a number of operational guidelines in which the employment of best practice will particularly safeguard the integrity of the network. “While effective communications between participants along the distribution chain seems an obvious requirement it should be emphasised,” said Negron.  “An understanding of the legal environment in which operational functions take place, including standard trading conditions and the contractual obligations of the various partners is also vital.”

The complexity of the supply chain may be typified by the various modal options available (road, rail and inland river/waterway in particular), each with differing logistical and contractual requirements. Thorough understanding of the multimodal facets of the evolving system is required, together with greater investment in training to raise skill levels. This depth of understanding must encompass the appreciation of seamless insurance cover that ensures protection against mishap within each stage of complex transport arrangements.

– End   –

Notes to Editors

TT Club

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

The TT Club is managed by Thomas Miller.

www.ttclub.com

Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

• Management services for transport and professional indemnity insurance mutuals
• Investment management for institutions and private clients
• Professional services
• Building defects insurance

www.thomasmiller.com

Leading Insurance provider to the international freight transport industry, TT Club has published a mid-year trading update for the eight-month period 1 January – 31 August 2015.

London, 8 October, 2015

Highlights:

• US$116 million gross earned premiums
• Total assets of US$492.8 million
• Total surplus and reserves US$177.9 million
• AM Best rating affirmed as A- (Excellent) with a Stable outlook
• Return to normal levels of large claims
• Forecast 2015 combined ratio of 93.8%

Charles Fenton, Chief Executive of the TT Club, said: “the Club has had a good, stable first eight months of the year in spite of the on-going challenging insurance market conditions and a return to more normal levels of large claims than experienced in 2013 and 2014.”

The general environment in world trade during the last year as reported through Members’ turnovers has been slightly above the average seen in recent years, which, together with good new business acquisition, bolsters premium levels. The Club continues to benefit from excellent business retention. These positive effects are, however, counter-balanced by factors depressing premium rates, particularly resulting from low claims levels flowing from good Member records. As a result, gross earned premium for the period under review was US$116 million, a small reduction of 4.4% compared to the same period last year.

“The performance of attritional claims has been largely as expected,” continued Fenton, “Not surprisingly given our successful implementation of a strategy to rebalance the Club’s underwriting book.” However large claims have increased in number, Fenton reporting, “There are now seven incidents above US$1 million in the year, including claims arising from the explosion in Tianjin in August.” It is anticipated that this experience of increasing claims will result in a combined operating ratio marginally higher than in 2014, but still healthy.

AM Best carried out its annual assessment in May and, for the ninth successive year, the rating was affirmed as A- (Excellent) with a Stable outlook. In his review statement Fenton commented, “Best continue to recognise the support the industry demonstrates for the Club and noted the results of the customer satisfaction survey in 2014 which were the highest ever achieved.”

TT Club’s continuing investment in loss prevention includes detailed claims analysis from which derives risk management advice for Members and the industry at large. Safety issues remain of primary concern and major resource is currently focused on the question of verified gross mass (VGM) of packed containers, which becomes mandatory worldwide on 1 July 2016. The Club is proactively ‘teasing out’ the implications for each party in the global supply chain.

– End   –

Notes to Editors

TT Club

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

The TT Club is managed by Thomas Miller.

www.ttclub.com

Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

• Management services for transport and professional indemnity insurance mutuals
• Investment management for institutions and private clients
• Professional services
• Building defects insurance

www.thomasmiller.com

The 2015 Young International Freight Forwarder of the Year (YIFFY) Award has been presented to Daniella Smal of Zambia at the FIATA Annual Congress in Taipei.

10^th September 2015

FIATA YIFFY Winner 2015 – (l to r) President of FIATA, Francesco Parisi; YIFFY Award winner, Daniella Smal and TT Club’s Mike Yarwood

FIATA celebrates the achievements of young freight forwarders working for logistics companies in its ranks at its Annual Congress every year.  This year was no exception as the numerous attendees at the Taipei Congress applauded the winner of the Young Freight Forwarder of the Year (YIFFY) Award, Daniella Smal of Zambia.

Insurance provider to the international freight transport industry, TT Club is proud to have sponsored this award for each of its seventeen years and Claims Manager; Mike Yarwood was on hand to announce the winner and present the award with a brief speech, evocative of the important achievements in training made by FIATA and its members.  Commenting on the outstanding quality of the work presented to the judges Yarwood said, “From a bewildering, yet highly professional array of entries the YIFFY Steering Committee selected a shortlist of four regional finalists.  These four young professionals were then invited here to Taipei to face the judges and present their dissertation topic. Congratulations to all four finalists for their polished presentations and especially, of course to our winner Daniella”.

The four regional finalists were:

Africa/Middle East      Mrs Daniella Smal, Zambia

Americas                     Mr Kaya Karakaya, Canada

Asia/Pacific                 Mr Madi Kassebekov, Kazakhstan

Europe                         Mrs Jennifer Taylor, England

The judges stressed that the dissertations this year were of a particularly high standard. The work of the entrants as a whole admirably demonstrated the complexity of processes carried out within the global supply chain and the logistics skills required to serve it. The diverse subjects covered by the dissertations included the transport of Liquid Argon, Copper Cathodes, High Fashion Garments and an Air Separation Plant, a clear example of the variety of challenges the industry is facing to provide crucial trade services.

The TT Club sponsored award is presented in recognition of operational excellence in the logistics field and was established by FIATA with the support of TT Club to encourage the development of quality training in the industry and to reward young talent with additional valuable training opportunities and enhanced visibility. The TT Club has been a sponsor of the award since its inception and remains firmly committed to the importance of individual training and development within the global freight forwarding and logistics community, which is regarded by FIATA as a strategic important cooperation.

Speaking on behalf of TT Club, Yarwood said, “We are pleased to be continuing our sponsorship of this unique award into 2016. Once again, we hope that the competition will prove to be successful in terms of attracting outstanding candidates from across the globe. The quality of the dissertations and presentations this year were of the usual exceptional standard and it was clear that a lot of research, planning and hard work had gone into their preparation.”

Inviting the Chairs of the FIATA Foundation, the FIATA Advisory Body Vocational Training and the FIATA Logistics Academy for the group photograph the President of FIATA, Francesco Parisi, said: “Learning is crucial for our young professionals to succeed in their career. This is the reason why over the years FIATA has maintained a proactive approach on logistics training by adopting the worldwide vocational training programme, where the ABVT ensures the compliance of the FIATA well known standards. Now the FIATA Logistics Academy comes to assist with extensive promotion and networking in this area, with the assistance of the Foundation and its focus on developing countries and territories, I consider the training package is now complete and quite appealing. The YIFFYA is really the accomplishment of this enthusiastic approach and its sight into our future contributes to making our ranks forward looking and capable of taking present and future challenges. I am grateful for the support we get form the TT Club and hold it in great esteem.”

ENDS

Notes to editors:

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators. TT Club is managed by Thomas Miller.

www.ttclub.com

Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

• Management services for transport and professional indemnity insurance mutuals
• Investment management for institutions and private clients
• Professional services
• Building defects insurance

www.thomasmiller.com

About FIATA

FIATA, the International Federation of Freight Forwarders Associations, was founded in Vienna, Austria on May 31st 1926.  It is a non-governmental organisation that today represents an industry covering approximately 40,000 forwarding and logistics firms, employing around 10 million people in some 160 countries. FIATA has consultative status with the Economic and Social Council (ECOSOC) of the United Nations (inter alia ECE, ESCAP, ESCWA, etc.), the United Nations Conference on Trade and Development (UNCTAD), and the UN Commission on International Trade Law (UNCITRAL) as well as many other UN related bodies, e.g. the World Bank. It is recognised as representing the freight forwarding industry by many other governmental organisations, governmental authorities, private international organisations in the field of transport and logistics, such as the European Commission (through CLECAT), the International Chamber of Commerce (ICC), the International Air Transport Association (IATA), the International Union of Railways (UIC), the International Road Transport Union (IRU), the World Customs Organization (WCO), the World Trade Organization (WTO), etc.

Speaking at the TOC Container Supply Chain Conference in Rotterdam last week, freight insurance specialist TT Club’s Kevin King called for all parties to take responsibility for minimising the risks inherent in container freight transportation.

London 16 June 2015

As a leading provider of liability, property and cargo insurance to the global freight industry, TT Club has long championed a variety of measures designed to increase safety throughout the container supply chain.  In Rotterdam last week, Kevin King, the Club’s Regional Director EMEA took the opportunity to address an audience of container operators, port and terminal executives and logistics professionals to highlight the crucial importance of an  under lying principle of best practice, which would improve the industry’s safety record.

Kevin King, Regional Director EMEA, TT Club

“As articulated in the UK MAIB’s report into the loss of MSC Napoli, safety margins are being eroded or eliminated,” said King.  “In the context of international trade, all should take up their responsibilities and perhaps abide by the legal doctrine known as ‘utmost good faith’, meaning that all parties must make a full declaration of the material facts.”

King’s speech detailed the issues that impinge on container safety and that are currently being addressed in various ways by regulatory bodies and the industry as a whole.  The Code of Practice for Packing Cargo Transport Units (CTU Code), which was prepared by three UN bodies (ILO/IMO/UNECE) and approved by the IMO at the end of last year, provides guidelines for all aspects of loading and securing CTUs (including trailers, swap bodies and railcars as well as containers).  Although the Code doesn’t have the force of law at this point it can be brought into litigation as describing industry good practice.  “Once a unit is packed there is less scope to correct things,” highlighted King.

Details within the SOLAS Convention (Safety of Life at Sea) concerning verification of gross mass for containers has now been adopted and will become mandatory in July 2016. This relatively modest amendment in essence reiterates the shippers’ responsibility to declare gross mass accurately.  King also pointed out, “It is to be noted that if the ship or terminal loads a container without having required a verified gross mass, they assume the liability in addition to the shipper.”

Additionally, King spoke of the ISO standards to which container manufacturing and maintenance integrity must be adhered and further advised that there is on-going work relating to the design and operation of twistlocks, as well as other ship lashing equipment.

He concluded, “Bringing all issues together concerning the interactions between ship, lashing, container and cargo are vital for safety and profitability in the maritime supply chain and help enhance the understanding of the responsibilities held by all parties in that supply chain.  Whatever is in the ‘box’, how it has been placed there and how it is handled on its journey is so much a matter of trust – each party must act with utmost good faith.”

ENDS

Notes to editors:

TT Club

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

About Thomas Miller

Thomas Miller is an independent and international provider of insurance, professional and investment services.

Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

• Management services for transport and professional indemnity insurance mutuals
• Investment management for institutions and private clients
• Professional services
• Building defects insurance

www.thomasmiller.com

Speaking at the Trans Middle East Conference in Doha, Qatar last month, Julien Horn, TT Club’s Middle East Regional Executive and Director of TTMS (Gulf), the Network Partner based in Dubai, lay particular emphasis on the role human error plays in creating damaging incidents at cargo handling terminals and other facilities. 

London & Dubai, 11 June 2015

According to TT Club’s analysis some 82% of accidents in the port and terminal sector can be attributed to human error.  The Club strongly urges counter measures, particularly professional training and the installation of safety technology, to combat these risks.

TT Club’s research, covering over 9,500 claims of a value in excess of US$10,000 made over the last seven years, and totally over US$425 million, provides compelling data that pinpoints the areas of concern.  Of claims resulting from operational incidents for example, 20% involved lift-trucks, 18% quay cranes and another 18% yard cranes or straddle carriers.  This analysis in itself can guide operators in where best to concentrate their risk planning. However it is on the root causes of accidents that TT Club urges attention to be made.

“The prime concern is one of culture,” declared Horn, “There must be a ‘safety first’ running through the work ethic of all terminal personnel throughout the Middle East, and indeed the world as whole.”  Through a detailed examination of it historical claims, TT Club has found numerous examples of a lacking in safety awareness among terminal personnel.  This ranges from, little understanding of areas in which lifting machinery operates and from straying into prohibited sectors in vehicles or on foot, to wrongly identified weights or cargoes in containers.

Preventative measures are numerous and many are specific to the type and nature of the equipment operated in individual facilities.  Such measures may include quay crane boom anti-collision devices and adequate crane braking systems, regular equipment maintenance regimes, fire prevention systems, adoption of best practice in packing and handling of cargo, and appropriate processing of dangerous goods.

Horn returned to the human aspect, “We often hear descriptions of incidents as, ‘a freak accident’ or ‘just bad luck’. Inevitably, however it is a preventable humanaction that is the cause of these ‘one in a million’ chance occurrences”.  He concluded, “Good, consistent and diligent training regimes are clearly a fundamental building block in eradicating incidents that can result in serious bodily injury and sadly, in some cases, death. But at the heart of a successful risk management policy is the attitude that safety is everyone’s responsibility.”

ENDS

Notes to editors:

TT Club

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

www.ttclub.com

About Thomas Miller

Thomas Miller is an independent and international provider of insurance, professional and investment services.

Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

• Management services for transport and professional indemnity insurance mutuals
• Investment management for institutions and private clients
• Professional services
• Building defects insurance

www.thomasmiller.com

6 May 2015

The TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2014, maintaining its A- (Excellent) rating by agency AM Best for the 9^th consecutive year. 

Highlights:

• $182.2 million gross written premiums (2013: $181.1 million)
• $14.1 million surplus (2013: $12.0 million)
• Total assets of $609.1 million (2013: $641.4 million)
• Total surplus and reserves $175.7 million (2013: $161.6 million)
• AM Best Financial strength rating maintained as  A- (Excellent)
• 2014 financial year combined ratio of 85.6% (2013: 87.4%)

Knud Pontoppidan, Chairman of the TT Club

Knud Pontoppidan, Chairman of the TT Club, said: “The TT Club performed well in 2014 and we have been able to further strengthen the Club’s capital position. As a mutual insurer the Club will continue to work closely with Members to adapt its approach to their needs and deliver services to help them manage their operations more effectively. The Club’s strong performance in recent years has been due to the value delivered through the Club’s claims and loss prevention services.  That is why the Board and I were pleased to receive the results of the regular Customer Satisfaction Survey which in 2014 were the highest ever achieved.”

Charles Fenton, Chief Executive of the TT Club, said: “The premium rating environment remains difficult  but nonetheless the Club’s premium levels are at a level we expected at the beginning of the year. The TT Club is financially strong and this is reflected in AM Best maintaining our excellent ‘A-‘rating. We remain committed to working with members and brokers to maintain our loss prevention and service levels that allow us to be the world’s leading provider of international transport and logistics insurance. ”