TT CLUB WARNS OF CARGO VALUE DECLARATION ISSUE

   The Through Transport Club warned that transport operators and shippers may be insufficiently covered against the loss of high-value cargo.
   The TT Club’s warning follows reports that the theft of computers and other high-tech commodities has increased.
   "Manufacturers and shippers trying to reduce these losses have developed a variety of initiatives, including new contract language and audit systems that require carriers to take additional steps to bolster cargo security," the TT Club said.
   Some shippers who believe that standard liability limit levels in transport operators’ contracts are too low "are seeking to make cargo value declarations on the carriage contract documents," the TT Club said. But this cargo value declaration by shippers may expose carriers to additional liability risks for cargo theft, the insurance club warned.
   The TT Club urged shippers to discuss this issue with their transport providers and, subject to negotiation, be prepared to pay higher transport rates for declared value cargoes.