Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has expanded its Project Cargo offering through a direct partnership with its Engineering division.
The new collaborative approach will allow AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks 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
- Erection/construction all risk insurance provided by Engineering
Kevin Wolfe, global head for Project Cargo, AGCS, said the single policy cover for both marine and engineering risks includes one 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).
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