Steve Parker’s Column
To insure or not to insure? – that is the question
BIFAlink is the official magazine of the British International Freight Association Redfern House, Browells Lane, Feltham TW13 7EP Tel: 020 8844 2266 (A company limited by guarantee. Registered in England: 00391973. VAT Registration: 216476363) Director General Steve Parker s.parker@bifa.org Member Policy & Compliance Director Robert Windsor r.windsor@bifa.org Member Support Director Spencer Stevenson s.stevenson@bifa.org Member Services Director Carl Hobbis c.hobbis@bifa.org Member Engagement Director Denise Hill d.hill@bifa.org International Relations Advisor Robert Keen r.keen@bifa.org Policy & Compliance Frontier Policy Manager Pawel Jarza p.jarza@bifa.org Policy & Compliance Advisor – Customs Igor Popovics i.popovics@bifa.org Policy & Compliance Adviser – Sustainable Logistics Mike Jones m.jones@bifa.org Policy & Compliance Advisor – Air David Stroud d.stroud@bifa.org Editorial Co-ordinator Sharon Hammond s.hammond@bifa.org Membership Supervisor Sarah Milton s.milton@bifa.org Web site: www.bifa.org E-mail: bifa@bifa.org Published by Park Lane Publishing peter@parklanepublishingltd.com Contributors Steve Parker, Robert Windsor, David Stroud, Spencer Stevenson, Carl Hobbis, Sharon Hammond, Igor Popovics, Robert Keen, Denise Hill, Mike Jones, Pawel Jarza, Natalie Pitts Note to media: If you wish to use items in this magazine that are older than one month, please contact the editorial co- ordinator to ensure that the item in question still reflects the current circumstances. Please be advised that BIFA DOES NOT OFFER LEGAL ADVICE. BIFA is not a law firm and the authors of this publication are not legally qualified and do not have any legal training. The guidance and assistance set out herein are based on BIFA’s own experience with the issues concerned and should not be in any circumstances regarded or relied upon as legal advice. It is strongly recommended that anyone considering further action based on the information contained in this publication should seek the advice of a qualified professional.
D uring the 50 years I have been in this industry, whether that was with a commercial freight forwarder or as the Director General of BIFA, one of the things that has surprised me is the amount of freight that moves globally without insurance. The percentage of freight is a point for debate, but estimates suggest 70-80% (on some routes it could be as high as 95%). Of course, I am aware that many of the major companies take a decision not to insure based on the cost being more than the risk, which I fully understand. However, our inbox at BIFA is full with emails from Members where something untoward has happened to a consignment and the ensuing issues cause lots of work and often cost. As I read the messages and empathise with the plight of the senders, I think to myself – if only it was insured.
I think there is a perception amongst BIFA Members that arranging insurance on individual shipments for their customer is cumbersome and time consuming, with wording that is not always the easiest to understand. At BIFA we are trying to help our Members understand the insurance industry and we have embarked on a series on our BIFAlink TV channel where insurance brokers/intermediaries have picked various topics and recorded information for our Members to use. BIFA stands ready to help all the parties involved to explain and streamline the system, being fully aware that if we can drive up the use of insurance everyone benefits. The trader gets the cover it needs, our Member has the comfort of knowing that in the event of any issues the goods are insured, and the insurance industry has more business. I am not totally naive on this topic; I realise I won’t have been the first person to look at this and that this is a global issue, I just wonder that with the advent of more sophisticated IT whether now is the time to review and streamline the process. What do you think? Maybe the readers of this article would like to join me in this quest – after all, wouldn’t it be great if in the future we can say 70-80% of global freight moves with insurance. Speed dating From time to time, I am contacted with requests from companies involved in mergers and acquisitions, and I sometimes find myself putting two companies together. These have in the main been small enterprises trying to make a living, but the news in September regarding DSV and Schenker is a different kettle of fish Both are Members of BIFA, and we will watch with interest as this integration develops. Business Leaders Forum I have recorded a number of BIFAlink TV episodes on our upcoming Business Leaders Forum and would just like to remind Members that this will take place on 10 October in London. We have increased the number of places to allow for demand, so if you haven’t yet registered to attend you can still do so, you will be most welcome. More information on the topics to be covered and the speakers that we have lined up can be found on page 7 of this issue of BIFAlink . Windsor Framework delay As this issue of BIFAlink went to press, HMRC announced that the implementation of new arrangements for the movement of freight and parcels between Great Britain and Northern Ireland under the Windsor Framework would be delayed until March 2025. BIFA welcomes the delay and remains ready to support Members as they continue to prepare to meet the new requirements in 2025.
Director General
October 2024 | 3
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