Allianz Expands Project Cargo Insurance Coverage
With an increased demand for large-scale production facility and infrastructure projects worldwide, the transport of high-value, critical equipment to these project sites has become more intricate and complex.
To meet this growing need, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced today an expanded project cargo offering formed by a direct partnership with its engineering division. Specifically, this new collaborative approach allows AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks, ultimately delivering a more comprehensive and fluid transaction under one single policy.
Underwritten by AGCS Marine, project cargo insurance is designed to meet the risk management needs of sizable ventures characterized by exposures such as 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 engineering.
“By having a single policy cover both marine and engineering risks, there are tremendous benefits: enhanced risk management, expedited policy issuance and claims resolution,” stated Kevin Wolfe, global head for project cargo at 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.”
The recent spike in need for project cargo insurance worldwide has been triggered by a variety of factors, including stricter regulations governing plant efficiencies and air quality as well as an increased demand for alternative energy sources. Additionally, an expanding demand for quality-of-life enhancements in developing countries has prompted a myriad of projects; such examples include the building of power stations, wind and solar parks, water filtration plants, establishment of communications systems, power grids and the construction of reliable roads and bridges.
AGCS provides clients with a true global advantage and footprint, offering an international group of underwriters and claims experts, marine risk engineers, risk consultants, master mariners as well as logistics and supply chain specialists.
“Companies on all continents are increasingly seeking convenient and comprehensive insurance for large-scale projects which is why this collaboration is attractive to them,” stated Christopher van Gend, global head of engineering. “AGCS possesses both the technical underwriting and engineering talent for infrastructure projects and industrial operations to better meet client schedules and deadlines.”
“We’re in a great position and look forward to demonstrating the benefits this combined approach affords. Project Cargo insurance is projected for strong growth and we’re poised to meet the increasing global customer demand,” added Wolfe.
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