Allianz, CargoNet Introduce Deductible Waiver Agreement

May 1, 2012

Allianz Global Corporate & Specialty (AGCS) has announced an agreement with its U.S. affiliate AGCS Marine Insurance Co. and CargoNet, an information network for cargo theft prevention and recovery, to help policyholders protect their motor trucks and cargo in transit. CargoNet is a division of the Verisk Crime Analytics unit at Verisk Analytics.

AGCS Marine policyholders who use CargoNet’s deterrent signage and report their loss to law enforcement and CargoNet within one hour of theft discovery will have their deductible waived up to $5,000. In addition, Allianz insureds will pay 20 percent less for their CargoNet membership than regular clients.

“It really makes a difference whether a theft is reported immediately or a day later. It’s much more likely that we can help law enforcement recover the cargo if it’s reported quickly,” said Garry Rivell, vice president of insurance services for CargoNet.

AGCS Marine is a charter member of CargoNet, an industry alliance formed by ISO and the National Insurance Crime Bureau in 2009 to combat cargo theft, a problem that costs U.S. businesses billions annually.

The CargoNet initiative was built to allow manufacturers, retailers, transportation companies and their insurers to quickly and accurately share cargo theft information with law enforcement agencies and to analyze cargo theft trends.

AGCS offers insurance cover for all types of modern shipping including tanker, bulker or container ships and passenger vessels, as well as yachts and pleasure craft. AGCS also offers cargo insurance, covering physical loss or damage to international and domestic goods in transit. In 2011, AGCS’s marine business generated over $ 1.2 billion in insurance premiums (on a gross written premium basis).

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