IATA Air Waybill Changes Prompt Urgent Insurance Review for Freight Forwarders
Freight forwarders are being strongly advised to review their liability insurance policies due to recent changes in IATA's Direct Air Waybill (AWB) conditions. The new terms, which took effect in late 2023, may not include the standard liability limitations found in a forwarder's house AWB. This change could expose forwarders to claims for the full value of cargo if it is lost or damaged. Insurance specialists like the TT Club are warning that existing coverage might be insufficient for this potentially unlimited liability. Consequently, forwarders must ensure their insurance is updated to cover the new contractual risks they are accepting.
Official Source: https://aircargoweek.com/freight-forwarders-encouraged-to-review-insurance-as-iata-direct-air-waybill-changes-take-effect/
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