This is particularly true for those participants within the logistics industry, where their unique exposures require critical thinking and specialised coverage.
Although other insurance brokers can place insurances for the logistics industry, if they are not dealing with the issues facing the industry daily, they are probably unaware of the potential exposures to a wide variety of liabilities to the services the logistics industry provides. These include exposures to international & national shipping conventions, admiralty and international laws, and local Boarder Force laws and regulations.
Logical specialises in providing insurance advice to the logistics industry, and we manage numerous insurance programs for freight forwarders, customs brokers, transport operators and many other participants within the industry.
The role of freight forwarders and customs brokers has evolved over the years, with changing regulatory frameworks leading to greater exposure to risks and liabilities. This, coupled with increasing competition and reduced margins, makes it critical to ensure that the wide variety of exposures the industry faces are dealt with. These exposures include liabilities against third parties, loss of or damage to cargo, errors and omissions (including financial penalties imposed by authorities), removal of abandoned cargo and breach of regulations.
Logical has the expertise to shape specialised coverage for those working by sea, road, air, rail or river. We can develop and prepare tailor made policies which are specially designed to meet specific risk exposures and precise needs.
Many freight forwarders have expanded their operations to include carrying and carting activities, investing in expensive trucks and trailers to fulfil deliveries.
As part of Logical’s discovery meeting, we conduct a full comprehensive analysis of all risk exposures the business may face in relation to their transport & trucking activities. Once we obtain that information from the forwarder, our strategy includes approaching a range of specialist insurers to tailor and negotiate motor fleet coverage terms and conditions that will meet the businesses requirements.
Carrying goods on behalf of customers brings with it the risks of damage to or theft of the goods.
At Logical, we can arrange cover for these risks. Cover can be tailored to include loss or damage to customer’s goods due to specific events whilst in the freight transporter’s care during transit within Australia. This insurance cover protects a freight transporter for any damage and/or loss to third party goods whilst in their possession for transit.
Depending upon the circumstances, accidental damage cover and legal defence cover can also be arranged under one convenient policy.
As many within the logistics industry already know, Australia relies on sea transport for a significant percentage of our exports and imports. As with any form of transportation of goods, there are always things that can go wrong along the journey.
At Logical, we assist those within the logistics industry (and their customers) help secure against those risks, with either Open (or annual) or single (or one off) cargo insurance policies. Not all cargo policies are the same, and it is important to ensure that the right cover is negotiated for the particular circumstances. Our discovery questions will reveal the type types of cargo being shipped, the values and destination(s). With this information, Logical can tailor cargo policies accordingly.
The heightened competition for freight forwarders to keep their customers and gain new ones has led to many forwarders offering to pay disbursements such as duties and goods & services tax on behalf of their customers. This competition has recently intensified, with forwarders offering credit terms in respect of the disbursements they have paid out on behalf of their customers, which in many instances, results in a substantial percentage of the forwarder’s capital tied up as accounts receivable.
The participants within the logistics industry have an increasing reliance on networks, cloud technology and computing systems, which is exposing many to new and emerging threats. Changes to privacy laws, social media and heightened media attention towards breaches have also increased the importance on effective network, data security and privacy systems.
Logical was engaged by a local Freight Forwarding and Customs Broking company to provide them with a review of their current insurance program. This company has locations in Sydney, Brisbane & Melbourne. In addition to the forwarding and clearance work, they also offered warehousing facilities and local transport services, utilising their small truck fleet.
We arranged to meet the Directors and key persons for a discovery meeting. and during that meeting, we learned that their program was a jumble differing policies, with multiple expiry dates during year. The program was sourced with 2 insurance brokers, plus a number of policies purchased “on-line” with insurance companies directly.
Logical is delighted to be associated with Paul and Caroline Zalai, and Travis Brooks-Garrett of Freight & Trade Alliance (FTA) and is proud to be their appointed insurance adviser since its inception in 2012.
As part of our support for the industry generally and FTA specifically, we provide guidance on potential insurance related issues specific to the freight and international trade sectors.
We also offer free support to FTA members who contact us with questions concerning practical aspects of their insurance program and logistics matters generally.
"James Cotis and his team at Logical provide a trusted service to our members. They understand the industry’s needs as demonstrated with the supply of practical and comprehensive advice to customs brokerages, freight forwarders and licenced Sec 77G depot operations. James has also been instrumental in establishing tailored insurance programs for our wider membership and is a regular presenter delivering accredited sessions at our professional development events."
"We have been dealing with James and his team for many years with regards to our business insurance needs and they have always provided an exceptional service and consistently competitive insurance options in a professional and friendly manner. I would have no hesitation in recommending James and his team for any insurance matters, especially in the international logistics arena."
"We use James Cotis and the team at Logical Insurance Brokers for our company insurance not just because of their insurance expertise and experience, but because they also have a sound understanding of the freight and customs industry. We have peace of mind knowing that our company insurance is being professionally managed, which give us the confidence to focus on our core business."
"For over 15 years James & Insurance Logic team have been protecting our interests in the area of Insurance. As our business has grown & our services expanded into new fields, Insurance Logic have been with us every step of the way. Their knowledge as it relates to importers/exporters & the related risks brokers & forwarders face is exceptional. Today, we are proud to include Insurance Logic in our family of most valued suppliers."
"As a small business owner, I don’t have time to sift through the multiple companies and options available for insurance, especially in our specialized area of business in freight forwarding. Insurance Logic has always been very informative about the best options available to our industry, and given us choices that work best for our company. Would highly recommend Insurance Logic to any business in the Customs, Freight Forwarding and Logistics areas."
"ACF are a full service logistics provider, covering freight forwarding, customs clearance, transport and warehousing. James and the team at Logical Insurance Brokers have been handling our insurance program for over 15 years and have supported us with their in depth knowledge of our insurance requirements and the logistics industry generally.During this time, they have always demonstrated professionalism and courtesy when dealing with our team and are particularly helpful when claims arise. Being able to pick up the phone and speak with a like minded business owner who has intimate knowledge of our industry is invaluable.The team at Logical provide a valuable contribution to our business as our specialist insurance advisers and provide confidence with their support."
"We have been using Logical Insurance Brokers for a number years and have always found them knowledgeable within our industry, easy to work with and efficient. No enquiry is too large or small and they are always happy to assist."
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