This consortium, which ranks among the largest in the global cargo market, is now operational, offering a substantial guaranteed capacity of up to US$285 million for Project Cargo risks around the world.
Project Cargo insurance is designed to safeguard equipment against loss or damage during transit. “BUILD” aims to provide extensive global coverage for Project Cargo, including delay in start-up and advanced loss of profits, and will serve primarily in a leading capacity, or as a follow capacity when needed.
The consortium will be led by Richard Landers, senior cargo underwriter at RSA Insurance's UK Specialty, and Penny Robinson, cargo class underwriter at Brit. The targeted sectors for “BUILD” include renewable, power, waste to energy, infrastructure, manufacturing, and innovation.
“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,” Landers said.
“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. We are delighted to launch this exciting new placement option and we are pleased to be able to build on our reputation as a leading Cargo market,” Robinson said.
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