SWISSGLOBALCARGO SIGNS INSURANCE DEAL WITH TT CLUB
SwissGlobalCargo, the air freight joint venture formed in April by Swiss
forwarder Panalpina and airline concern SAirLogistics, has signed an agreement for
insurance coverage with the Through Transport Mutual, or TT Club.
Under the agreement, the TT Club will provide protection against
liabilities for loss or damage to cargo; errors and omissions liabilities,
including those for delay and unauthorized delivery; third-party
liabilities; customs liabilities; investigation, defense and mitigation
costs; and unrecoverable extra carriage costs in the event of a
subcontractor bankruptcy.
The TT Club will also cover SwissGlobal against any liabilities arising
from just-in-time delivery, inventory control, packaging, sampling and
assembly, pack customizing and kit preparation.
"The TT Club’s involvement with the logistics and air freight industries
is growing at an astounding rate," said underwriter, Andreas Mueller. "With
logistics, e-commerce and supply chain management being such crucial business tools in
today’s trading environment, we are constantly
re-evaluating and developing our insurance products to reflect these
trends."
SwissGlobalCargo plans to offer shippers integrated, door-to-door,
time-definite air freight delivery services worldwide with money-back
guarantees, similar to those offered by integrated carriers.