The Hanjin insolvency and its insurance implications for the logistics market
Four weeks into the insolvency of Hanjin Shipping, the movement of billions of dollars of container cargoes on board Hanjin vessels, or stuck in port container yards, remains in limbo while the logistics chain - traders, freight forwarders and carriers - increasingly seek insurance solutions. In the case of cargo owners, for recovery of losses, costs and expenses that are resulting, and in the case of logistics operators, to their potential liability exposures opposite customers.
The freight liability and marine cargo market is braced to weather a storm of enquiries and claims.
Most cargo policies will respond where there has been physical loss or damage to cargo, subject to
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