Project Cargo entails the movement of large, heavy, valuable goods, usually on specialized trucks, trains, aircraft or vessels across significant distances.
It's often considered the “sexy” part of marine cargo, given its propensity for great photo opportunities and global reach. It's a niche business within the estimated $17 billion premium income (2014) of general cargo trade.
The average project size by needed capacity is over $100 million, but commitment to a $100 million line size is required in order to be considered a lead underwriter for major projects and the largest projects to date have called for $1.5 billion of insurance capacity. With an average policy duration of approximately three years, this is a substantial commitment and the underwriting of the risk is just the first step.
|Global construction and manufacturing companies
Clients of Project Cargo range from some of the world's leading construction and engineering firms, global manufacturing companies to government entities. The geographical reach of this business lends itself to underwriting teams that can operate on a truly global basis.
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