February 23, 2015
ILWU and PMA Reach Tentative Five-Year Agreement
After more than nine months of negotiations, The Pacific Maritime Association and the International Longshore and Warehouse Union announced today a tentative agreement on a new five-year contract covering workers at all 29 West Coast ports. The parties will not be releasing details of the agreement at this time. It awaits union ratification, a process that could take several weeks.
The successful resolution was reached with assistance from U.S. Secretary of Labor Tom Perez and Federal Mediation and Conciliation Service Deputy Director Scot Beckenbaugh. The combined West Coast ports handle roughly one-fourth of U.S. International trade, worth $1 trillion per year – making the deal a huge relief for our economy.
Industry experts say that it will take months to return to “normal” operations, but the ILWU and PMA have reportedly committed to return to full productivity and manning levels immediately. While the agreement is subject to ratification by both parties, workers can begin digging out from the backlog of containers jamming up at the ports of Los Angeles, Long Beach, Oakland, Seattle and Tacoma – all among the 10 largest ports in the U.S.
As the backlog is being cleared, cargo at these ports are subject to higher risk than normal. At times like this, it’s important to have an “All-Risk” insurance policy, the broadest form of coverage available. If you are uncertain about what your cargo insurance policy covers, review with your local Avalon representative. We can explain your coverage, exclusions and limitations.Printable version Back to Quest News™