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Cargo Insurance Changes for the Trucking Industry

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Cargo Insurance

The past year has been difficult for cargo insurance companies. Three claims in particular had an adverse impact on the cargo insurance industry. A big loss at a distribution facility following tornados in Nashville, a loss in the Port of Beirut, and a loss aboard the Golden Ray vessel, which lost 4,200 vehicles on board. All cargo insurance carriers share the same reinsurance markets, so ocean cargo and international losses influence the domestic truck cargo insurance market as well. These large losses lead to increased premiums and coverage changes for all cargo insurance policies.

As a result, truck owners and operators need to understand these changes. Below is a list of some general changes that insureds may expect in their next cargo insurance renewal cycle.

Premium increases – With losses on the rise, premium always follows. The average premium increase for loss-free accounts is between ten and twenty percent for the most recent cargo insurance renewals.  Insureds with a recent history of claims can expect even higher increases.

Covid-19 and Health Hazard exclusions – The significant supply chain disruption caused by Covid-19 has led to an increase in cargo insurance claims. As a result, most cargo insurance renewals have new exclusions for losses due to Covid-19 or a similar health-related cause. With this exclusion in place, trucking companies need effective business continuity plans in place in order to manage supply chain disruptions as they occur. Otherwise, the truck operators could face an uninsured loss.

Cyber Liability exclusion – On the surface, a cyber-liability exclusion may seem like a minor issue when it comes to truck cargo insurance. However, given the increased use of electronics in trucks and at distribution facilities, truck operators need to understand that a loss resulting from a cyber-attack could be uninsured.

Coverage terms – When insurers pay large losses, they compensate by tightening coverage terms. Cargo insurance carriers achieve this in several different ways. Insurers may require a higher deductible in order to write a renewed policy. Another way insurers limit their exposure is by increasing the exclusions. Typical exclusions under a cargo insurance policy include live animals, jewelry, expensive paintings, and some forms of chemicals. However, any load with an increased risk may cause insurers to further increase premiums.

Add on Coverage – Truck operators can also add various ancillary coverages to the cargo insurance policy. Given that each of these presents a unique risk, insureds should expect related premium increases over and above typical increases for cargo insurance. These include the below optional coverages.

Refrigeration breakdown coverage – covers losses caused by malfunctions in temperature control units.

Earned Freight – replaces income lost when a load is not delivered due to a covered cargo loss.

Removal Expenses – coverage if a load is accidentally dumped on a roadway or waterway. Covers the cost to remove debris or pollutants.

Sue and Labor Coverage – covers costs related to preventing further loss to damaged cargo.

Earned Freight Coverage – covers freight charges the customer loses from not delivering a load.

Loading & Unloading Coverage  – provides coverage for the commodity while it is being loaded or unloaded.

Truck operators must understand the changing cargo insurance climate in order to make sure that they secure the best possible coverage at the most competitive price.

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Best practices for resource capacity planning

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Why is planning important for your brand? Make successful digitization that will help you make changes. Cloud-ready to use the software, but easy to use, is the key to the success of any growing company. From now on, it can provide you with the ability to plan changes, implement specific projects, and eliminate errors. With resource capacity planning software you can solve your performance problems once and for all.

Capacity resource planning is a result of workshops co-creating with clients and the hard work of several dozen programmers, trainers, coaches, implementation consultants, and product managers who know their work like no one else. Without an appropriate plan or schedule, it is very difficult to achieve the set goals and maintain order in the organization. With the capacity planning tool, we have a chance to keep up with current trends.

Planning that meets the changing needs of users
Changes in the company are necessary and there is no room for excuses. After all, it is well known that no choice, no concept, not even a strategy is completely perfect. The whole process is to be facilitated by dedicated tools, such as resource capacity planning software. You’ve certainly used different planning tools more than once, trying to optimize your organization’s resources.

Everything needs to be modified, changed, improved – unfortunately, not every tool (in theory adapted to this) works perfectly in this role. We need to open up to new, better, and much faster solutions that will allow for real development. The Capacity planning tool is used by many Fortune 500 brands, many of which are among the world’s largest pharmaceutical companies. Cloud planning software can be intriguing if you look at it closely.

How do dedicated tools work?
Resource capacity planning software automatically generates work requirements based on a machine learning operating model that describes work patterns. This reduces the effort required to maintain the demand picture and additionally uses advanced algorithms to adjust demand and capacity accordingly. Binocs deals with the work of human resources, moreover, it is the only solution on the market that uses algorithms based on artificial intelligence that takes into account work rotation, employee preferences, and well-being. It’s an undoubted achievement.

The tool provides attractive performance control panels that allow contractors’ teams to focus on the business that matters. As if that were not enough, the software has features that allow it to find realistic solutions to resource capacity problems. In summary, best practices for resource capacity planning are those that will facilitate the entire resource planning process. The modern tools offered can easily solve your resource efficiency problem. Change means a transition from the current state to the future state and is something else, a certain difference which in this case may prove to be salvation for your company.

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How Companies Like NetBase Quid Can Assist with Market Intelligence

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Market Intelligence

Introduction: Market intelligence is the collection of data regarding a company’s competitors, target market, and consumers. This information is collected and reviewed to make informed business decisions. Knowing how to analyze market information is vital in getting an edge over the competition in a world where information is more readily available. The four market intelligence hallmarks are a competitive advantage, product intelligence, marketing understanding, and consumer understanding. This process can be conducted internally by a department devoted to collecting and analyzing market intelligence. However, many companies choose an external company, who are experts at collecting and analyzing complex market data.

Tools: For a growing company that is looking to expand its business, luckily, there are myriad of options when it comes to market intelligence. Below is a list of some of the most helpful tools currently in the market.

NetBase Quid: NetBase Quid is a marketing tool that allows users to analyze data related to social media posts and comments regarding a company or market. Companies can utilize this data to see how consumers feel about a market or product, and then decide whether to enter a product into the marketplace. NetBase Quid offers social media analytics solutions to businesses using Natural Language Processing (NLP) technology. The company can take information such as social media posts, blogs, business filings, consumer reviews, and provide the information to connect with consumers and build brands. NetBase Quid’s artificial intelligence (AI) tools help the business understand consumers and the industry and introduce new products and services. NetBase Quid is a trusted partner with such companies as Coca-Cola, Microsoft, and American Airlines.

Pew Research Center: Another helpful online tool is, Pew Research Center. The site provides interactive tools that allow you to search across an aggregate of news stories and public opinion surveys.

Statista: Statista allows you to search among studies and reports, across more than 150 countries, regarding more than 200 markets and provides market and consumer outlooks.

Crunchbase: Crunchbase relies on information from its online community and has a tool that has an array of information regarding topics like company funding, leadership, investments.

Owler: Owler is a useful website that stores information on 13 million private and public businesses, utilizes crowdsourcing to collect competitor information. This site is especially useful when you are trying to gather information on competitors. The site allows you to create customized news alerts.

Google Think: Google Think can allow users to analyze how your website compares to the competition. Also, it can help a company find new customers based on data related to consumer spending habits.

Moody’s Analytics: Moody’s analytics utilizes Excel, making it easy for businesses to use their platform, which features cashflow and comparative analysis. Also, Moody’s differs from other sites because they focus on credit management.

Conclusion: Market intelligence can help companies find new customers, new markets, and new areas of opportunities. Market intelligence is vital for a company contemplating entering a new marketplace, looking for new customers, or for any company with an eye for growing.

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BUSINESS

What to Expect From Passive Income? From Ahyanah Mincy’s E-book Ultimate passive income

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What to Expect From Passive Income? From Ahyanah Mincy's E-book Ultimate passive income

Ahyanah Mincy’s

Passive income is what many consider to “live their dreams.” If you’re earning passive income, it means you’re making money from a website, digital product, or affiliate product you’ve previously set up. Now you can sit and relax while the money is being poured! Potentially you can expand this business to become very wealthy, but in either way, you can benefit from no longer exchanging your time for money!

But is it really like that? Are you heading for a lifetime of making money while relaxing on a really beautiful yacht?

This is not a lot of money!

Perhaps. But the first thing to realize is that this is by no means a “one-off” scheme. This is not a method that can be used to make money without the same amount of work and time in advance. You are still working for income, the only difference is that you did this job “in advance”.

Another thing to be aware of is that this requires a lot of time and trial and error. In most cases, you shouldn’t expect to make hundreds of dollars a day for the long term.

Instead, it takes time, work, and a lot of patience to finally reach that point. If you start a passive income business model thinking you can quit your job right away, you should expect to be very disappointed.

Instead, the best way to think about passive income is to add a little extra income to your existing settings. Think of e-book sales and ad clicks as “extra” revenue and a way to improve your overall salary.

That way, you won’t be disappointed if you make $ 20 a week in e-book sales. Still, $ 80 a month and $ 960 a year is enough to have a good vacation.

But more importantly, if you start making this money and enjoy making it, you will find that it starts to increase. If you don’t quickly become frustrated and give up on passive business, they will grow over time and start making more and more money.

It’s a way for you to successfully grow your passive income, which allows you to ultimately give up on your day-to-day work.

Infinite scalability

Another great thing about the passive income model is that it is infinitely scalable. Since we are not exchanging man-hours for money, there is no limit to the number of times we can repeat the same business model over and over again.

Are you making a profit by selling e-books on your Kindle? Then why not make another one? And another? And another? In this way, you can increase your sales over and over again.

And in the end, you’re almost certain to land on that “hit” that will be your real cash cow. It takes time, patience, and luck. But it’s worth it!

Her new e-book has 41 pages of information https://www.lulu.com/en/us/shop/ahyanah-mincy/ultimate-passive-income-earn-while-you-sleep/ebook/product-vqeeg7.html. This book provides a variety of options for passive income options and step-by-step instructions for achieving each option.

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