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Roanoke Whitepaper – The Path to Implementing A Sound Cyber Risk Management Plan

Last updated on January 13th, 2021Overview The transportation, trade and logistics sector, like any other industry vertical, has been hit by ransomware, social engineering and other cyber threats. These threats upend operations and increase the total cost of risk for companies. In fact, transportation ranks among the top five industry sectors vulnerable to ransomware. There are several reasons why the transportation and logistics sector is so cyber-exposed, including its dependency upon third-party networks; the speed with which logistics transactions are conducted; the number of stakeholders involved in sharing information; and the potential access to confidential and sensitive financial, employment and intellectual property records. Without a sound cyber risk management plan in place that includes cyber security measures, cyber support services, and cyber insurance, navigating today’s threats may leave your operation stranded and paying out hundreds of thousands of dollars in out-of-pocket expenses. Download

Planning Ahead for a Potential General Average

Last updated on January 8th, 2021 ONE Apus via Twitter   On November 30th, the cargo ship, ONE Apus, sailing from Yantian, China to Long Beach, CA, encountered severe weather. Swells exceeding 20 feet struck the vessel. An estimated 1816 containers were lost overboard, and containers remaining onboard received significant damage. Current estimates are that over $200 million worth of cargo was lost or damaged. The ship is now berthed in the port of Kobe, Japan, where operations are underway to remove containers.    One of the most pressing unknowns around this accident is whether or not the vessel owners will declare a General Average (GA). A General Average is a partial loss shared proportionally by all parties involved in the voyage, namely the cargo owners and the vessel owner. In a GA, cargo owners are expected to contribute financially to the voyage loss, and they need to post a financial guarantee, usually in the form of a bond, to have their goods released.   If you find yourself fielding calls from clients who have cargo damaged or lost at sea and may also need to navigate through the difficulties of a General Average, some general guidelines can help you walk them through this trying time.   Insured cargo: Cargo insurance is designed to respond to claims for damaged or lost cargo and expenses for the GA Contribution required to release cargo. The Roanoke claims team will work directly with the insurance company to post the security deposit or GA Guarantee and provide documents needed to expedite the cargo’s release. Please refer to the Claims section on our website for detailed instructions and a list of required documents. You can also contact the claims team directly at 847.969.7064 or via email at   Uninsured cargo:  When cargo is uninsured, the cargo owner must inform the Average Adjuster as soon as possible, and the adjuster will require a cash deposit in the place of an insurer’s Average Guarantee. The cargo owner should contact the Average Adjuster directly to post the bond. It’s important to note that the cargo owner’s security is held until the GA adjustment is complete. This process can last for two years or more, and if it is less than the final adjusted amount, the security may never be returned.    Recommendations for NVOCC’s and Freight Forwarders   The NVOCC, who issued a bill of lading, should not…
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Happy Holidays From Roanoke!

Warmest greetings and best wishes for happiness in the new year from all of us at Roanoke! This year’s corporate donations have been made to American Logistics Aid Network and Americares.

What to Expect in a Hard Insurance Market

The insurance industry is highly cyclical. A soft market cycle is defined by lower insurance premiums, broader appetite and coverage, increased capacity (the availability of high limits), and greater underwriting flexibility. Alternatively, a hard market is characterized by higher insurance premiums, diminished capacity, more conservative underwriting, and fewer carriers writing certain coverage lines and specific industries. For the last few years, the insurance industry has been  experiencing a hardening of the market. Today we are well into a hard market across most insurance lines effecting the majority of industries. Insurance experts predict that the hard market will continue into 2021, further exacerbated by COVID-19 and other issues. Insurers Hit Hard by Natural Catastrophes There are several factors behind today’s hard insurance market. The frequency and severity of natural catastrophes such as fires, hurricanes and tornadoes, are among these factors, costing the insurance industry billions. According to Fitch Ratings, third-quarter natural catastrophe losses for the U.S. Property/Casualty insurance industry are the largest since the third quarter of 2017. For example, Hurricane Laura represents the largest individual loss event with estimated insured losses between $11 billion and $15 billion. In total, third-quarter events could add up to approximately $25 billion in insured losses, moving 2020 to an-above average year for natural catastrophe losses, says Fitch. In addition, insurable losses from the summer’s civil unrest and rioting in the United States are estimated at $775 million. Wildfires on the West Coast are estimated to run between $4 billion and $8 billion in insured losses. The Beirut port explosion is estimated to cost insurers $3 billion. These and other losses contribute to driving up Commercial Property rates, which are estimated to continue increasing by double digits for some classes of business well into 2021. Social Inflation Contributes to Hard Market Social inflation is a significant contributor to rising  premiums and  reductions in capacity in most liability coverage lines. Social inflation is a term used to describe the results of increasing litigation, broader definitions of liability, more plaintiff friendly legal decisions and larger compensatory jury awards. The median value of the top 50 U.S. verdicts in 2019 is estimated to be $88 million, which represents an increase of 62% compared to 2018, according to legal defense firm Lewis Brisbois. These massive verdicts are the result of an increasingly aggressive plaintiff bar, litigation funding, and anti-corporate…
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5 Tips to Help Improve the Outcome of a Risk Assessment

Last updated on November 16th, 2020Customs Bond Roundtable Webinar Thursday, December 3rd at 12:00pm CT Sleigh bells ring, are you listening? Soon many will be building snowmen, hanging stockings and competing to find out who has the best ugly sweater. Before the frenzy begins, we hope you will make plans to join us for a special holiday edition of our Customs Bond Roundtable webinar series. These webinars are designed to focus on the issues that matter most to you, our customers and partners. Because financial fallout from COVID-19 and recent trade wars are causing underwriters to examine your clients’ bonds more closely than ever. Your active participation in a surety risk assessment is very important, so we’ve arranged for some of Santa’s best helpers to share insightful tips to help you through the process: Be aware of current conditions influencing underwriters such as economics, the pandemic, and market capacity changes. Make accurate bond sufficiency projections to avoid unnecessary mid-term increase demands. Prepare for the underwriters’ review process—client financial statements are more important than ever. Leverage the importer’s history and profile and your relationship to help advocate for your client. Utilize Roanoke’s library of bond sufficiency and renewal tools and guides. We know these surety risk assessments can be challenging for you and your client. That’s why we hope you will join our speakers Colleen Clarke, Jennifer Rome, Maya Mackey and Patrice Lafayette to learn a few ways to improve those difficult bond underwriting conversations with your clients and ensure smooth and streamlined renewals. The NEI has approved this webinar for 1 CCS/CES credit.

Happy Halloween!

Ghostly Greetings from Your Friends at Roanoke! We hope you carve out some time for some ghoulishly good fun. Have a safe and Happy Halloween!

Introducing Logistics CyberSuiteTM | A Cyber Insurance Solution

4 Reasons Why Logistics Service Providers are Perfect Targets for Cyber Crime Have you heard the phrase, your biggest strength can also be your biggest weakness? Logistics Service Providers (LSPs) pride themselves on skillfully and deftly integrating networks, processes and disparate datasets, to get their customer’s freight moved from point A to B. This inherent strength can also be a major weakness that’s exploited in the age of cybercrime. Logistics Service Providers are prime targets for cyber criminals for four reasons. Their dependency upon third-party networks. The speed with which logistics transactions are conducted. The number of stakeholders involved in sharing information. The potential access to confidential and sensitive financial, employment and intellectual property records. In addition, exposure to cybercrime is further exacerbated in today’s COVID environment. With teams working remotely from home, the ability for IT departments to control and contain scams is much more difficult, which is why cyber insurance is so important. Cyber crime exposes LSPs to financial loss, liability and reputational damage. To address these and other types of risks, cyber insurance is available. However, most cyber policies are not specifically designed for the logistics/transportation industry and its unique exposures. Also, most standard policies come with relatively low limits for the types of losses occurring in the logistics sector. These include phishing losses in which a cybercriminal uses deceptive email tactics to extract money from a company, and ransomware claims, a form of malware that prevents users from accessing their computer system or files until a ransom is paid. In addition, having the right cyber insurance is only one facet of a comprehensive, coordinated program. Risk management is also critical in pinpointing and knowing an operation’s vulnerability to help mitigate risk as well as having the support and guidance in managing a loss when an incident occurs. For these reasons, Roanoke has developed the  Logistics CyberSuiteTM. To provide a customized cyber insurance solution for LSPs, Roanoke has designed an exclusive program to combat cybercrime and assist in recovery when breaches happen. Cyberwrite: A report card that measures your cyber risk using cutting-edge technology that accesses your publicly available information from your website, connected networks, and company digital footprint to assess your specific cyber exposures and rank them based on overall risk. A cyber breach financial loss calculator will provide you with an estimate of the hard…
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5 WAYS TO BE CYBER SECURE AT WORK Your cyber security is only as strong as the weakest link in your organization. Cybercrime is a fulltime – and very lucrative – job for hackers who thrive on exploiting gaps in your security and gaps in the knowledge and judgement of your employees. One inadvertent link click can cost tens of thousands of dollars and take down your company for days. This is why the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency has launched a campaign called “Do Your Part – #BeCyberSmart.” October is National Cybersecurity Awareness Month, and the team at Roanoke is committed to doing our part to help your company #BeCyberSmart. For the next few weeks we’ll be sharing information and resources to help raise the awareness and education level of your organization. Today’s tips for the “5 Ways to be Cyber Secure” come courtesy of the National Cybersecurity Alliance and The Cybersecurity & Infrastructure Security Agency. Businesses face significant financial loss when a cyber attack occurs. In 2019, the U.S. business sector had 17% increase in data breaches: 1,473 breaches – per Identity Theft Resource Center, “2019 End-of the Year Data Breach Report”. Cybercriminals often rely on human error—employees failing to install software patches or clicking on malicious links—to gain access to systems. From the top leadership to the newest employee, cybersecurity requires the vigilance of everyone to keep data, customers, and capital safe and secure. #BeCyberSmart to connect with confidence and support a culture of cybersecurity at your organization. SIMPLE TIPS: Treat business information as personal information. Business information typically includes a mix of personal and proprietary data. While you may think of trade secrets and company credit accounts, it also includes employee personally identifiable information (PII) through tax forms and payroll accounts. Do not share PII with unknown parties or over unsecured networks. Don’t make passwords easy to guess. As “smart” or data-driven technology evolves, it is important to remember that security measures only work if used correctly by employees. Smart technology runs on data, meaning devices such as smartphones, laptop computers, wireless printers, and other devices are constantly exchanging data to complete tasks. Take proper security precautions and ensure correct configuration to wireless devices in order to prevent data breaches. For more information about smart technology see the Internet of Things…
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Are You Prepared for a Cyber-Attack? Join Us For a Free Webinar on 10/21 at 12pm CDT.

Cybercrime incidents have increased 300% since March. For those that fall victim to an attack, the average downtime is 3 days. These hackers have the logistics and warehouse industry in their line-of-sight.  It can (and may) happen to you. Don’t let it! To learn how to avoid the worst-case scenario, please join our webinar to hear “3 Keys to a Sound Cyber Risk Management Plan.”  Awareness of current cyber threats and trends including social engineering, phishing, ransomware attacks, and application hacks. Best practices for prevention including staff training and developing an effective response plan. Cyber coverage to ensure you have the right insurance to properly manage the costs and downtime of a breach. We’ll share new insights and the signs and signals of social engineering, phishing and application attacks. We’ll also review the best practices to train your employees. And, we’ll make sure to review how insurance can help you recover from a breach.  It’s a good investment of your time.  And to make sure you get a return on your investment, we’ll provide you with a free cyber risk report card.   

TIA Virtual Lunch and Learn With Roanoke Panelist Grant Goldsmith on October 1st

Join TIA every Tuesday and Thursday afternoons from 12:00 PM – 1:00 PM ET. This interactive webinar series provides participants with an opportunity to learn and engage with industry peers during these times of social distancing and teleworking. On Thursday, October 1st Roanoke’s Grant Goldsmith will present “Everybody Wants Warehousing – A Guide to Warehouse Risk Management Solutions.” The pandemic is driving an increased need for warehousing solutions. Because of this demand, many Logistics Service Professionals are receiving warehousing service requests from their client base. Is now the right time for you to consider offering warehousing services? What are the risks associated with Warehousing? How does Warehouse Risk differ from normal Property Broker Risk? This discussion will answer these questions and help you to consider offering Warehousing as a service in the future.