The term "marine cargo insurance" is frequently used, and is sometimes misunderstood. It actually includes cover for the land transit commencing from the moment the goods leave storage until the time they arrive at the final destination.
Our markets have insured international projects in excess of $150 million in a single shipment and have direct placement capabilities to be able to issue individual certificates up to $100 million. In fact, regularly handle large and complicated projects in excess of $100 million not only for commercial customers, but also for shipping lines and government entities.
The very nature of project cargo represents unique risks that can often be overlooked completely, or not confronted until the very last minute; our markets possess such distinct and specialities in the industry, they understand the complexities involved in coordinating such project shipments and are in a position to work hand in hand with customers to ensure the smooth process by advising on the unique risks typically involved in project cargo.
Whether insurance cover is needed for a single project shipment or for a multinational program, the experience and industry knowledge available enables us to create a flexible solution for our client's project cargo. We understand that each client's needs are different with regard to these special shipment; therefore, due to the close relationship with leading insurance markets, they have the ability to efficiently and effectively issue customized, high value coverage, supported by fast claims handling.
Underwriting terms are based on ICC Plus and Total Loss Plus, cargo insurance concepts that were designed to be the most comprehensive coverage in the Americas. ICC Plus and Total Loss Plus are based on the "English Rules" otherwise known as the Institute Cargo Clauses (ICC – A, B or C), thus meeting all requirements for letters of credit from virtually every country worldwide; our markets exclusive ICC Plus rules expand coverage terms to offer superior protection than permitted by the American Rules (ACC), Standard English Rules (ICC ), and the German Rules of Marine Insurance (ADS).
Claims philosophy is to be supportive of customers in times of need and to make claims expertise and quality of service their highest priority, placing the strongest emphasis on claims handling because it is their steadfast belief that although pricing may attract customers, quality claims service keeps them for the long term, Therefore, our market only works with insures who support in this regard.
International Law limits Carriers Liability
Cargo Insurance Covers all risks (loss or damage) for the full value of the goods, which can include shipping costs, duties, insurance costs, and up to 10% anticipated profits.
Eliminating disputes over liability between third parties by paying customers directly without liability determinations.