Transportation and Logistics

An age-old industry has taken strides to revolutionize the outlook of what has been a stagnant sector. Introductions of smart ports and smart shipping, autonomous technology, digital cargo arrangement optimization, Internet of Things on vessels, digital route management, smart propulsion systems has been a welcome sight, as such developments are undoubtedly productive for the industry's long-term prosperity. However, these ameliorations are only recent and newer problems are bound to arise. With existing risks such as lost or broken shipments already a recurring occurence, combining with unascertained newer risks will require impeccable management to curtail the chances of financial loss.

As the recent pandemic demonstrated, consumers have flocked to online channels to purchase goods and gifts, the demand for carriers rose dramatically. With such pressure on delivering products in high numbers to households on time and without damage, a number of risks is presented. Excessive orders can cause delays and rushing to send out an exorbitant number of orders poses a higher chance of the items purchased getting ruined. Insurance can provide protection to the carrier being responsible for any damages as well as sellers from having to reimburse the product to the client at a hefty cost.

Stock and inventory property should be considered as part of your risk management portfolio. After all, it is difficult for a company to function without its inventory. Without coverage, a loss of income exposure is at risk, as damaged or delayed inventory can have financial implications. Other concerns include seasonal manufacturing processes as environmental restraints and marketing purposes means meticulous planning is required in order to protect the raw materials value.

Since our estabilishment, we have seen how each market trend influences insurance. A mixture of factors between the pandemic, globalization and higher demands for products online has impacted the transportation industry tremendously, and at CHAZ, we understand the drastic effects it can mark and the risks it involves.

Through our vast experience, CHAZ Insurance Brokers Ltd. recognizes and understand that each and every business, organization and industry are unique in their own ways and can have completely different risks. Henceforth, the content provided are solely examples of the risks that may or many not be relevant to your business. To learn more, contact us on the form below.