Transport Industry Risk Update: COVID-19 considerations
Published 09 June 2020
Transport businesses have specific insurance needs and risk exposures which require careful consideration, particularly in light of the current COVID-19 pandemic environment.
The Transport Industry Risk Update: COVID-19 considerations guide provides information on the scope and limitations of commercial insurance policies for transport businesses and perspectives specific to COVID-19, including planning for post-lockdown trading conditions, with key information on covers including:
Public Liability insurance
Cyber risk and data security
Workplace Health & Safety
Management Liability insurance
Employer Practices Liability (EPL)
This report also looks at changes stimulated by COVID-19 across the transport sector, highlighting considerations in these key areas:
Inter-state biosecurity and quarantinable acts legislations will likely see stricter controls and consequences in rise to COVID-19 in relation to movement of goods and produce in Australia and internationally
Supply chain impacts and distribution delays and changes creating fluctuating demand for transport services
Warehousing and distribution: impacts range from managing surges in demand on stocks, to changes in shipments and distributions from Asia to the available resources/ labour pool.
Road freight/trucking: pressures to backfill and support deliveries amidst highly fluctuating fuel prices
Shipping, marine and cargo industry impacts due to COVID-19 shipping restrictions and international and port terminal challenges
Read more detail to the above summary by downloading the full report.
It is important to maintain adequate insurance cover and have the ability to resolve emerging risk exposures which would otherwise be either underinsured or not insured at all.
Working closely with a Gallagher transport insurance specialist can help you to manage complexity and ensure you’re equipped to lead your business through a period of change and uncertainty.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient’s industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers’ control.
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