Business, Freight News, Logistics

Equipment sharing: beware of the pitfalls

[ October 24, 2023   //   Chris Lewis ]

Equipment sharing agreements between different freight companies can make for efficient use of resources but could lead to liability issues if appropriate cover is not in place, warns insurer TT Club. In a new paper, ‘Risk Byte: Good neighbour agreements, the first in a series of advice documents says that such arrangements are not always formally outlined in well-defined contracts. 

“In such circumstances the casual nature of the arrangement, though often workable and agreeable to both parties, can lead to potential risks where liability and responsibility in the unfortunate event of an incident or breakdown may not be clear,” says TT’s Mike Yarwood. “It is these circumstances that we are seeking to help operators avoid.”

Risk Bytes | Good neighbour agreements (ttclub.com)

Tags: TT Club