TT Talk – focus on cargo theft and standard trading conditions

by admin March 3, 2020

March 3, 2020 41 views

Focus on cargo theft and the importance of incorporating standard trading conditions

3 March 2020

This edition looks at the results from the recently published BSI & TT Club Cargo Theft Report 2020 and offers loss prevention advice based on these findings. We’ve also produced an article looking at the pitfalls of poorly incorporated standard trading conditions (STCs), followed by a court decision that reiterates the importance of making sure that they are well drafted as well as correctly incorporated.

I hope you find these articles useful.

Peregrine Storrs-Fox
Risk Management Director, TT Club

BSI & TT Club release this year’s Cargo Theft Report

Cargo theft continues to blight the international supply chain, giving rise to disruption, unpredictability and widespread financial exposures. Whilst there are obvious commercial impacts, the loss of cargo and ensuing insurance claims for example, studies continue to develop a greater understanding of the overall impact of cargo theft, both economic and societal. It is widely believed that organised criminal gangs are often the orchestrators of cargo theft and that the proceeds inevitably support other illicit trades.

Standard trading conditions: incorporation is key

The logistics world is fraught with potential risks, and claims are perhaps inevitable. The exposure to such claims can be minimised, however, by maintaining a robust risk mitigation policy. Risk mitigation extends not only to the physical steps taken to improve operational safety and security, but also to ensuring, from the outset, that adequate contractual protections are in place.

Legal Eagle: carefully drafting terms and conditions

This case highlights the importance of careful drafting in order to communicate terms and conditions to customers and suppliers and to ensure that they are sufficiently wide to cover extra-contractual services where necessary and appropriate.

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