HOW FREIGHT FORWARDERS CAN CUT EXPOSURE TO LOSS

HOW FREIGHT FORWARDERS CAN CUT EXPOSURE TO LOSS

Thomas R. Denniston, vice president and general counsel with Bradshaw & Associates, cited several steps that a freight forwarder can take to reduce potential exposure when handling liability insurance claims.

* Appoint a responsible employee who is familiar with both the theoretical and practical aspects of liability and insurance to handle all claims.* Acknowledge receipt of the claim and notify your insurer as soon as possible.

* Determine whether a survey is required or whether it would be useful to ascertain the extent of damage.

* Never admit liability without first receiving the advice of legal counsel and insurer.

* Thoroughly investigate the cause of the loss or damage.

* Put on notice, as soon as possible in writing, any third party found to be at fault and insure that your recovery claim against him or her does not become time barred.

* Keep your insurer informed of all developments daily if you are involved in a claim.

* Refer to your and your insurer's reference numbers with respect to all correspondence and provide legible copies of pertinent documents.

* Once a claim has developed, consider what steps can be taken to prevent it from happening again, a step known commonly as claim prevention.