As the COVID-19 pandemic continues to disrupt international supply chain operations, cargo storage and transportation companies face heightened risks. A number of companies are being forced to shut down operations and are unable to handle cargo because of the coronavirus outbreak. News of such closures may not always reach transportation providers for goods in transit until after arrival at the intended destination, which brings increased risks for owners and handlers of high-value and perishable and temperature-sensitive goods, a new report from Allianz Global Corporate Specialty (AGCS) outlines. Analysis of marine insurance industry losses by AGCS over a five-year period shows that damaged goods, including containers, is already one of the most frequent causes of losses, accounting for more than one in five claims (22%), based on more than 230,000 claims. Coronavirus is worsening the situation. "Locked down and unmanned facilities means not only an increased risk of theft and fire to the cargo but also risk of damage to goods due to extended storage periods," Captain Rahul Khanna, global head of marine risk consulting at AGCS explains. "Transit disruptions to cargo due to closed borders, delayed customs clearances or simply due to lack of personnel can mean long delays to delivery times or even cargo being abandoned," Khanna said in a statement. "Companies should do all that they possibly can to implement robust planning of cargo shipments and ensure they have back-up plans in place because of the last-minute shutdowns we are seeing around the world." In the slideshow above, discover loss prevention measures outlined by AGCS experts for cargo owners to consider when developing contingency plans. See also: |

• Insurance considerations for cargo owners during COVID-19
• Allianz: Global shipping losses down but new risks emerge
• Inland & Ocean Marine: Everything You Need to Know