Forwarding, Freight News, Logistics, Sea

Abandoned cargo – understand the risks

[ September 21, 2021   //   Chris ]

Insurers the TT Club has issued a StopLoss document to provide practical guidance on abandoned cargo. It says that the potential for disaster from the deterioration of abandoned cargo cannot be disregarded while considerable costs also arise from container demurrage, detention, storage and disposal and goods are often abandoned at ports or terminals.

Risk management director Peregrine Storrs-Fox adds that the surge in container demand over recent months has compounded ship capacity issues, port congestion and transit delays which often encourages cargo owners to relinquish ownership of consignments.

TT’s publication Abandonment of cargo: Avoiding the pitfalls guides those left with the responsibility of removing and or disposing of goods and returning containers to the appropriate carrier identify ‘red flags’ that they should consider. It also outlines the role of enforcement agencies and the responsibilities of others involved in the supply chain.

The document is available for download from the Club’s website at www.ttclub.com

On 30 September, Transport Events will be hosting a webinar sponsored by TT Club on the subject: Webinar Registration – Zoom

Tags: TT Club