In this article written for Port Strategy, the TT Club’s risk management director, Peregrine Storrs-Fox, discusses the growing threat of cargo theft which at 12.7% is the biggest single cost of claims for the insurer and was estimated to have cost the industry over $23bn in 2014. According to Mr Storrs-Fox, between 2010 and 2014 a massive 52% of thefts resulted after using contractors – making thorough due diligence checks before their appointment increasingly essential. And cybercrime has spawned new risks for cargo owners.
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