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A freight forwarder or forwarding agent is a person or a company who co-ordinates and organizes the movement of shipments on behalf of a shipper (party that arranges an item for shipment) by liaising with carriers (party that transports goods).
They collected the freight on vessels brought into port and took an active hand in the management of all business matters between ship-owners and merchants, whether shippers or consignees, for which they were paid a fee. In major British ports, ship-brokers were also usually insurance-brokers. [1]
A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
An ocean transportation intermediary (OTI) is a company that is licensed by the Federal Maritime Commission (FMC) to operate in the United States as an ocean freight forwarder, non-vessel operating common carrier , or both.
Insurance brokers vs insurance agents. While both insurance brokers and insurance agents help you get insurance, there’s a significant difference in who brokers vs. agents represent. Not all ...
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.
Shanghai Shipping Freight Exchange is the first electronic shipping freight exchange in the world. It has three lines of businesses, including International Dry Bulk, Domestic Coastal Coal, and International Container. The container freight derivatives were launched in 2011 and shortly became the most liquid container freight contracts.
Freight companies are companies that specialize in the moving (or "forwarding") of freight, or cargo, from one place to another. These companies are divided into several variant sections. For example, international freight forwarders ship goods internationally from country to country, and domestic freight forwarders, ship goods within a single ...