Annual Meetings-The Changing Roles of Players in Third Party Logistics

Pdf Summary

The document discusses the evolution and importance of third-party logistics (3PL) in the warehouse industry, highlighting the shift towards value-added services and technology integration. It emphasizes the role of 3PLs in enhancing supply chain efficiency and reducing risks for manufacturers and retailers. Various risks and loss examples are mentioned, such as cargo theft and product mismanagement, underscoring the importance of risk mitigation strategies and proper insurance coverage. The need for comprehensive insurance policies tailored to the specific operations of 3PL and 4PL companies is emphasized, including addressing gaps in coverage and improving claims adjustment processes. The insurance industry is urged to better understand the complex operations of 3PLs and adapt to their changing needs, such as offering broader coverage and streamlined insurance solutions. Overall, there is a call for more collaboration between insurance providers, underwriters, and logistics companies to ensure adequate protection against risks and losses in the evolving 3PL industry.

Asset Caption

Presented by:
Brett Mears, President, Palmer Logistics; Robert Kirkwood, Principal, Robert T. Kirkwood, Inc.; and Jean Gardner; CEO, Central Analysis Bureau and Partner at Rivkins, LLP

Keywords

third-party logistics

3PL

warehouse industry

value-added services

technology integration

supply chain efficiency

risk mitigation strategies

cargo theft

insurance coverage

comprehensive insurance policies