Rotterdam Rules Pose Risks for Shipping Insurance Experts Warn
The Rotterdam Rules aim to unify liability for multimodal transport of goods, but its application in the United States faces challenges. Supreme Court rulings on the Carmack Amendment will impact liability allocation. The insurance industry needs to thoroughly study the Rules, adjust pricing, revise policy terms, and enhance collaboration. Shippers should review contracts, purchase adequate insurance, retain documentation, and file claims promptly to mitigate potential risks. Understanding the interplay between the Rotterdam Rules and existing US regulations is crucial for all stakeholders in the shipping industry.
