Plant and Machinery Movement Insurance | Transport and Logistics Insurance for Manufacturing
Tel: + 44-2392-861565
Email: charter.marine@btconnect.com
Project Cargo Insurance - Plant and Machinery Movement
Whether insurance cover is needed for a single project shipment or for a multinational programme, 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 need is different with regard to these special shipments; therefore, due to the close relationship with leading insurance markets, they have the ability to efficiently and effectively issue customised, high-value coverage, supported by a first-class insurance programme for project cargo.
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 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.
The need for cargo insurance is not limited to import-export; regardless of the type of business you are in, it is likely at some point you will be sending/receiving goods. Key Industries that rely heavily on shipping include:
- Manufacturing - bringing in raw materials and distributing end products.
- Wholesalers - wholesale and distribution insurance moving goods from producer to retailer.
- Mining - importing and exporting raw materials and equipment.
- Humanitarian Aid Projects.
- Industrial Vehicles and Machinery.
- Break Bulk, out of Gauge Cargo.
Billions of dollars of project-critical equipment is shipped around the globe, and due to the nature of the types of cargo, high levels of risk are associated with these types of shipment. 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, we regularly handle large and complicated projects in excess of $100 million, not only for commercial customers but also for shipping lines and government entities. We are able to offer to cover high-value cargo going to various locations across around the world (during the transportation process).
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 market's exclusive ICC Plus rules expand coverage terms to offer superior protection than that permitted by the American Rules (ACC), Standard English Rules (ICC ), and the German Rules of Marine Insurance (ADS).
Why ICC Plus is Superior
- ICC Plus terms offer longer intermediate storage.
- ICC Plus terms expand the duration to last up to four times longer than the American Rules and equal to the German Rules worldwide.
- ICC Plus terms include guaranteed claim payment periods.
Why Total Loss Plus is Superior
- Total Loss Plus is not based upon the ICC-C rules, FPA terms, or Stranded Cover; it is based upon the ICC-B rules, thereby increasing the risks covered by more than double as compared to standard ICC-C terms.
- Additionally, Total Loss Plus covers roughly four times more risks than FPA, and also offers coverage for additional perils than that which is offered under the Stranding Cover of the German Rules of Marine Insurance.
- Total Loss Plus terms also include guaranteed claim payment periods.
Why Cargo Insurance is Necessary
- 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.
