Allianz Global Corporate & Speciality (AGCS), Allianz Group’s specialist corporate insurer, has formed a partnership with its engineering division to offer expanded project cargo coverage.
The new collaborative approach, according to AGCS, allows the insurer to provide continuous end-to-end coverage for companies managing unique and complicated risks.
According to AGCS, with an increased demand for large-scale production facilities and infrastructure developments worldwide, the transport of high-value, critical equipment for these projects has become more intricate and complex.
The enhanced project cargo offering, expanded to meet this growing need, provides comprehensive coverage for complicated risks under a single policy.
“By having a single policy cover both marine and engineering risks, there are tremendous benefits: enhanced risk management, expedited policy issuance and claims resolution,” said Kevin Wolfe, global head for project cargo, AGCS.
“We now provide a single point of contact for clients and brokers, which makes it easier to identify whether a loss occurred in transit (marine) or during a construction phase (engineering). Even better, all underwriters and loss adjusters are with one company – Allianz.”
Underwritten by AGCS Marine, its project cargo insurance is designed to meet the risk management needs of sizeable ventures. The coverage includes: shipment of equipment and machinery to a construction site; loss or damage of components in transit that are part of a large civil, production facility and/or infrastructure construction project; delay in start up (DSU) loss of income and/or advanced loss of profits (ALOP) stemming from late or non-arrival of critical components due to a covered loss; and erection/construction all risk insurance provided by its engineering division.
“Project Cargo insurance is projected for strong growth and we’re poised to meet the increasing global customer demand,” added Wolfe.