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Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Third-party logistics (abbreviated as 3PL, or TPL) is an organization's long term commitment of outsourcing its distribution services to third-party logistics businesses. [1] Third-party logistics providers typically specialize in integrated operations of warehousing and transportation services that can be scaled and customized to customers ...
First-party shipping-insurance services offered by postal services and courier companies may have many more restrictions than third-party shipping-insurance services. First-party insurance services may not pay out on claims unless the item was packed very carefully. Claimants also may need to provide proof of an item's value. [2] When practical ...
For option 3, ideally, the 3rd party firm should use a freight audit system and not handle the freight invoices manually. The freight audit system maintained by a team of expert users will eliminate the cost of training users and infrastructure setup cost.
The main difference between a traditional freight broker and most 3rd-Party Logistics Providers is that freight brokers do not actually touch (fingerprint) the freight, whereas 3rd-Party Logistics providers often do. This can happen, for example, when the 3rd-Party Logistics company handles outsourced manufacturing and/or warehousing.
A freight claim or cargo claim is a legal demand by a shipper or consignee against a carrier in respect of damage to a shipment, or loss thereof. [1] [2] [3]Typically, the claimant will seek damages (financial compensation for loss), but other remedies include "specific performance", where the cargo-owner seeks delivery of the goods as agreed.
Estes expanded beyond its core LTL services in 2003 by founding an air freight division [5] and in 2012 by establishing a division offering supply chain service for business-to-business (B2B) and business-to-consumer (B2C) logistics called Level 2 Logistics. The company also launched the Estes SureMove division, an alternative to full-service ...
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