Hanjin shipping collapse - what this means for the cargo market?

30 November 2016

Welcome to the fourth issue of Cargo Delivers, our new regular newsletter rounding up the latest news and trends in the cargo insurance industry. 

In this issue we cover:

What does Hanjin’s collapse mean for cargo interests?

The collapse of Hanjin Shipping in August sent shockwaves through the industry. The Korean shipping line collapsed owing USD 5.5 billion to creditors and leaving billions of dollars of cargo stranded on its ships. Andrew Green, Senior Claims Adjuster at XL Catlin and David Clark, Director at Pequod Associates joined Garry Cordess, Senior Partner and Jared Prince, Partner in Lloyd & Partners’ Cargo team to discuss the impact on the shipping and insurance industries.

Travel security risks

Travel security risks facing multinational corporations in today’s business environment are diverse and ever-changing; active shooter, hostage crisis, kidnap-for-ransom, hijack and extortion are just some of the dominant risks facing employees both at home and abroad.

Insurance Act update

The Insurance Act 2015 came into force in August 2016, introducing new disclosure requirements for UK companies. The Act aims to create a more level playing field between insurance buyers and insurers, and represents a significant change to UK insurance contract law. While insurance buyers face more rigorous disclosure requirements, the law makes it more difficult for insurers to void a claim on grounds of non-disclosure or breach of warranty. The new law has yet to be tested in the courts, and disputes are expected to arise in coming years as insurers and insurance buyers seek clarity on certain provisions, such as fair presentation and how concepts like proportional remedies play out in practice.

The cargo market and how it has evolved over my career since 1978

Special feature by retiring cargo Chairman, Nick Peck. Sadly this will be the last issue of Cargo Delivers published before Lloyd & Partners bids farewell to Nick Peck, Chairman of Cargo. Nick was a founder member of the Cargo team here and has worked in the market since 1978.

Cargo risk and analytics – the brave new world

Global trade and the movement of goods is more important than ever and as cultures become more diverse, there is a desire for different foods and products from overseas – global sea bourn shipments increased by 3.4% and world merchandise trade increased by 2.3% in 2014.

Piracy and cargo theft in South East Asia

Whilst many would naturally associate the threat of piracy with the Gulf of Guinea and the Indian Ocean High Risk areas, it is actually South East Asia that sees the highest number of incidents.

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For further details, please contact Gordon Longley, CEO of Cargo and North America Property on +44 (0)20 7466 6555 or email Gordon_longley@jltgroup.com