Tailored Marine Insurance Solutions for Project Cargo.
A typical project risk involves the shipment of equipment and machinery from anywhere in the world to a specific project construction site. The Policy provides coverage for the physical loss or damage to the equipment during transit. The Policy may also be extended to include Delay in Start-Up (DSU), a loss of income coverage which protects the Assured for the lost revenue which may arise due to a covered cargo loss delaying the project’s intended “go-live“ date.
Marine Project Cargo insurance programs vary greatly and are some of the most specialized and highly risk-managed policies in the industry. It is more than just insuring a high valued item that weighs over 5,000 tons or is larger than a football field, which is why there are no generic solutions.
ISC Marine welcomes our brokers engaging us even at the earliest information gathering phases. Initial review of available data and further data needs can be assessed together as well as providing non-binding indications to then discuss with the client.
MARINE LOSS CONTROL
Up to $100MM any one conveyance.
- Direct Physical Loss or Damage to Insured Goods in Transit
- Standard "All Risks" Physical Damage Coverage.
- Warehouse to Project / Laydown Site (inclusive of all land transits).
- Loss of Income Coverage
- a.k.a Delay-in-Startup (DSU), Advanced Loss of Profits (ALOP), Advanced Business Interruption (ABI).
- Cannot provide standalone coverage; Policy must Include coverage for Physical Loss or Damage (Section 1).
Policy Term of up to 48 months.
$25,000 minimum policy premium, however premiums for more complex projects can exceed $1,000,000.
Loss Control Fees are separate and in addition to Policy Premium.
- Worldwide coverage territory (subject to OFAC/UN/EU Sanctions)
In-Appetite Risk Examples
- Power Generation
- Oil & Gas & Chemical
- Paper & Pulp
- Wind or Solar Power
- Machinery/Plant Upgrades
- Railway Systems
- Bridges /Tunnels / Infrastructure
- Mining Operations
- Steel Mills
- Water Treatment Facilities
- LNG Facilities
- Pharmaceutical Production
Excluded Risks & Coverages
- Standalone DSU Coverage
- Wet Tows
- Contract Penalties and/or Liquidated Damages
- Extended Storage Coverage
- Final Positioning/Installation or Testing
- Coverage for Cargo After Arrival at Project Site
- Used Equipment
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Marine Project Cargo
Here is what you will need for your submission.
- Type of Project and Location
- Policy period (Effective Date and Project Completion Date)
- Required Cargo Conveyance Limit
- Estimated Total Cargo Values to be Shipped and Origin Countries
- List & Description of Cargo to be Covered
- DSU Limit and Period of Indemnity, if Required
- Deductible Requirements for Cargo and DSU
- Replacement Times for Critical Items
- Shipping Schedules
- Methods of Transportation to be Used for the Project
We are happy to discuss any questions you may have on Marine Risk. Please send us a message. or call us at (888) 888-8888
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