TT CLUB WARNS OF CARGO VALUE DECLARATION ISSUE
The Through Transport Club warned that transport
operators and shippers may be insufficiently covered against the loss of high-value cargo.
The TT Club’s warning follows reports that the theft of computers and other
high-tech commodities has increased.
"Manufacturers and shippers trying to reduce these losses have developed
a variety of initiatives, including new contract language and audit systems that require
carriers to take additional steps to bolster cargo security," the TT Club said.
Some shippers who believe that standard liability limit levels in transport
operators’ contracts are too low "are seeking to make cargo value declarations on the
carriage contract documents," the TT Club said. But this cargo value declaration by
shippers may expose carriers to additional liability risks for cargo theft, the insurance
The TT Club urged shippers to discuss this issue with their transport
providers and, subject to negotiation, be prepared to pay higher transport rates for
declared value cargoes.