New project cargo insurance consortium launched

RSA Insurance’s UK Specialty Lines business and Brit have launched a project cargo consortium, named BUILD. According to the two insurance companies, it is one of the largest in the project cargo market globally with a guaranteed capacity of up to $285 million for project cargo risks worldwide. 

Project cargo insurance is cover and protection for equipment that could be lost or damaged in transit. The consortium said it will provide “comprehensive global Project Cargo coverage”, including Delay in Start-up and Advanced Loss of Profits and act mainly as a lead, or follow capacity where applicable.

The consortium will be headed by Richard Landers, Senior Cargo Underwriter, UK Specialty at RSA Insurance, and Penny Robinson, Cargo Class Underwriter at Brit. Target sectors include, but are not limited to, Renewable, Power, Waste to Energy, Infrastructure, Manufacturing and Innovation.

Commenting on the establishment of the BUILD consortium, Calvin Gray, London Market Marine Director at RSA Insurance said, “The ability to provide market-leading solutions is at the core of our strategy. With ‘BUILD’ we are leveraging specialist expertise and capability across underwriting, claims and risk consulting to give us a proposition that will support our brokers and clients in a world that is growing in size and complexity. This is another example of us capitalising on our global capability and finding opportunities in the market where we can build pockets of niche or lead expertise.”

“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,” added Richard Landers, Senior Cargo Underwriter at RSA Insurance.

Penny Robinson, Cargo Class Underwriter at Brit said, “Project Cargo Insurance is a critical enabler for infrastructure projects in all sectors of construction. Our new ‘BUILD’ consortium will be instrumental in ensuring the London Market can provide the capacity and sophisticated coverage clients need.”