Billions of dollars of project-critical equipment is shipped around the world annually. High levels of risk are associated with these shipments due to the nature of the cargo, transport logistics, and tight timeframes.
Failure of a shipment to arrive intact can quickly turn a $10 million cargo loss into a $100 million Delay in Start-Up (DSU) loss when factors such as re-fabrication, shipping, expenses, lost profits and other operational costs are considered.
Allianz Global Corporate & Specialty has the market-leading capacity to handle even the largest such risks, within the most expansive global and local network of any Marine insurer.
A highly-skilled global team of Project Cargo underwriters and Marine risk consultants in markets from Singapore to San Francisco brings hands-on project experience and in-depth knowledge of every aspect of these volatile risks.
Our specialist expertise covers projects from sectors like:
- Power Generation
- Oil & Gas
- Chemical Facilities
- Paper & Pulp
- Wind Power
- Machinery Upgrades
- Mining Operations
- Steel Mills
Project Cargo coverage is designed to meet the specific needs of the largest and smallest projects to creatively address risks, including:
- Cover against loss or damage in transit for critical components of large civil, production facility and/or infrastructure construction projects
- DSU and Advanced Loss of Profits (ALOP) coverages against loss of income and profit resulting from late or non-arrival of critical components due to physical loss or damage
An integrated approach to the business involves an international team of Marine risk engineers, risk consultants, master mariners, and logistics and supply chain security specialists throughout the US, Europe, and Asia-Pacific, integrated with a network of independent marine surveyors and engineering experts who may be needed to evaluate a risk.
Claims professionals, adjusters, and surveyors have years of hands-on expertise involving all types of claims and are specialists in evaluating Project Cargo losses and are committed to delivering a consistently prompt and fair response.
With a natural fit in sectors such as Energy and Engineering, AGCS Project Cargo specialists work together with Engineering, Energy, and other related Allianz colleagues across the globe and can even wrap Marine, construction, and operational coverages to provide a seamless insurance program for customers.