Project Cargo Insurance
The world’s needs for energy, transport, industrial infrastructure and the means to exploit natural resources has resulted in many opportunities for financiers, contractors and manufacturers worldwide. The supply and transportation of equipment to meet those needs, together with new investment in clean power and replacement of infrastructure in developed countries, requires a specialist cargo insurance policy.
Such projects may include:
- Power plants including gas, coal and nuclear
- Green energy including solar, wind, hydro and bio mass
- Petrochemical, paper and pulp, ferrous and non ferrous plants
- Bridges and buildings
Today’s supply chain for a modern infrastructure project can involve numerous manufacturers from several countries, a number of differing contractors and an array of supply routes that will involve any combination of land transport, sea, river, rail, road or air. Each party may have different insurance policies with different terms and conditions, deductibles and restrictive clauses.
Project Cargo* Insurance from ACE allows the Principal to have one policy that protects against damage to equipment during transit to the project and if required, can provide insurance to protect against delay in start up as a result of a marine peril.
We can provide our clients with protection to meet the needs of all parties concerned, including:
- Owners and principals
- Managing contractors and main contractors
- Contractors and sub-contractors
- Manufacturers and/or suppliers
- Banks and/or financial institutions
Transportation Risk Management
Our Marine team has many years of experience in underwriting and providing Transportation Risk Management services to projects on a worldwide basis.
Our Transportation Risk Management experts use
- their knowledge and experience of these projects
- shipping and transport lines
- country conditions
to advise our underwriters and assist them in tailoring suitable coverage for each client. They can also advise clients on which items are considered critical, either due to their sensitivity to damage during transport or their importance to the scheduled operating date of the project.
As a project progresses, our Transportation Risk Managers will:
- Coordinate surveys on a worldwide basis
- Approve choice of vessels and other transport method
- Following the study of method statements, make any necessary recommendations to improve the risk for the Principal
Email us at Inquiries.VN@acegroup.com
or call (84.8) 3910 7227 for more information
*Project cargo is defined as a set of shipments of an agreed value over a set period of time for a construction project.