RSA Insurance’s UK Specialty Lines business and Brit Ltd. have announced the launch of a new Project Cargo consortium, called “BUILD.”
The consortium, one of the largest in the cargo market globally, is now open for business and offers guaranteed capacity of up to US$285 million for project cargo risks worldwide, RSA said.
Project cargo insurance is cover and protection for equipment that could be lost or damaged in transit. The consortium will provide comprehensive global project cargo coverage, including delay in start-up and advanced loss of profits.
The consortium, which will act mainly as a lead, or follow capacity where applicable, will be headed by Richard Landers, senior cargo underwriter, UK Specialty, at RSA Insurance, and Penny Robinson, cargo class underwriter at Brit.
Target sectors include, but are not limited to, renewable, power, waste to energy, infrastructure, manufacturing and innovation.
“The ability to provide market leading solutions is at the core of our strategy. With ‘BUILD’ we are leveraging specialist expertise and capability across underwriting, claims and risk consulting to give us a proposition that will support our brokers and clients in a world that is growing in size and complexity,” commented Calvin Gray, London Market marine director at RSA Insurance.
“This is another example of us capitalising on our global capability and finding opportunities in the market where we can build pockets of niche or lead expertise,” Gray added.
“We are delighted to announce the launch of our joint Project Cargo consortium, one of the biggest and most compelling in the market. It’s a great opportunity for us to expand our already market-leading marine offering, providing high levels of cover for projects as they grow in size and the demand for things such as renewable energy grows,” according to Richard Landers, senior cargo underwriter at RSA Insurance.
“Project Cargo Insurance is a critical enabler for infrastructure projects in all sectors of construction and our new ‘BUILD’ consortium will be instrumental in ensuring the London Market can provide the capacity and sophisticated coverage clients need,” according to Penny Robinson, cargo class underwriter at Brit.
Source: Brit Ltd.
Topics New Markets Trucking
Was this article valuable?
Here are more articles you may enjoy.
Home Insurance at $10,000 a Year Shows California Buyers’ Pain 
Workers Sue Disney, Say They Were Wrongly Induced to Move to Florida 
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators 
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
