MARINE
PROJECT CARGO

Moving the World

One Project at a Time
Dynamic Marine Insurance Solutions

Whether it be providing access to clean water via a new filtration plant, stabilizing the power grid in a developing region through the erection of sustainable green energy facilities, or improving infrastructure with the construction and upgrade of bridges/tunnels/railways, ISC Project Cargo plays an integral role in helping deliver a better global tomorrow.

  • Marine-icon

    MARINE
    PROJECT CARGO

Marine Project Cargo programs vary greatly as they are some of the most specialized and highly risk-managed policies in the industry.  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 include Delay in Start-Up (DSU), coverage protecting the Assured for lost revenue arising from a covered cargo loss which delays the project’s “go-live“ date.

Our Marine Risk Management surveyors continuously collaborate with the Assured from the outset and will oversee, monitor, and physically attend the movements of all critical equipment for the entirety of the policy term.

ISC Marine welcomes brokers' engagement in the earliest Client discussions to better outline what information is required. 

Limits

  • $50MM+ any one conveyance

Tanker Oil Ship

Coverage Details

Section One

  • Direct Physical Loss or Damage to Insured Goods in Transit
    • Standard "All Risk" Physical Damage coverage.
    • Warehouse to Project / Laydown Site (inclusive of all land transits).

Section Two

  • 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 One).

Policy Term 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.

Geographic Scope

  • Worldwide coverage territory (subject to OFAC/UN/EU Sanctions)
worldwide-map

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
  • Manufacturing/Processing
  • 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

Get a Quote

Appetite Guide

Here's what we need:

  • 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

Find yourself in unfamiliar waters?

We welcome the opportunity to discuss any specific, or general, questions you may have regarding marine insurance.  Give us a ring:

Marquam Wolfe  (973) 997-2307

John Kiernan  (516) 551-7403

Kevin Wolfe  (973) 875-3361

Get In Touch

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