Global trade and the movement of goods is more important than ever and as cultures become more diverse, there is a desire for a range of products from overseas. Cargo being transported from one location to another can be exposed to a range of risks.
From contamination of stock, increasingly erratic weather patterns, cargo theft to misappropriation. Geopolitical sensitivities, domestic conflicts and terrorism have also created a number of flashpoints along major trade routes. This could result in business interruption for cargo companies, or damage to goods themselves.
Like many other sectors, the shipping industry is going digital. New ships are bristling with technology, while port and cargo operations are becoming increasingly digitalised and automated. Vulnerabilities in operating technology are exposing companies to a range of cyber threats including; physical damage, business interruption and the potential theft of cargo. JLT can help companies manage these risks.
Our cargo team provide specialist program design and transactional services to a broad spectrum of industries around the world by combining in-depth sector expertise with innovative claims solutions.
What We Do
Our global cargo team has been helping clients to understand and manage their risk exposures for over 20 years. We represent you and your interests through a process of engagement with all the world’s cargo insurance markets.
Our face-to-face approach means your business is articulated in a way that enables us to achieve good results; securing a competitive price, product and terms for the cover you need.
We work closely with banks,
financial institutions, energy and commodity traders, heavy equipment manufacturers, insurers, mining, offshore, oil, life science, project financers, contractors and principals, manufacturing, technology and warehousing operations.
We believe that the longevity of relationships between markets, brokers and clients is of the ultimate benefit to our clients. We have a strong track record in achieving good deals in terms of price, coverage and claims resolution.
Our areas of speciality include
Worldwide cargo programs
Interned based global servicing platforms
Stock throughput policies
Bespoke commodity policies
Project cargo and marine delay in start up
We pride ourselves on offering expert support and a highly responsive service. Here's what makes us different:
Our specialist team has wide-ranging experience and technical knowledge. We work to understand your business and requirements, enabling us to deliver the best solutions for your needs
Our team is structured to deliver a responsive and personal service. We understand the time pressure that our partners are often under, so we aim to respond to all enquiries within 24 hours
We have dedicated claims specialists who sit alongside our team of brokers. Being part of the team means they know and understand clients from the outset, which can prove invaluable in the case of a claim
Something that sets us apart from our competitors is our extensive in-house modelling and analytics capabilities. We can help you make informed decisions about your insurance purchasing
Our brokers have strong relationships with key cargo underwriters. We know them personally and have worked with them for many years, building up trusting, cooperative relationships, which we use to your benefit
We are skilled in arranging complex insurance cover, our cargo team guarantees to offer a fresh global perspective on programme design and broking requirements.
We have specialist knowledge of programme design and transactional services. We offer expertise in the following insurance product lines:
Our commodities team provide market leading insurance solutions for all physically traded commodities worldwide.
Our core product aims to provide cover for:
‘All risks’/war (including piracy), strikes riots and civil commotions with the inclusion of cover for mysterious disappearance and stocktaking losses
Transit and/or storage wherever exposed worldwide with broad form attachment and termination of risk features
Vessel classification and age requirements tailored to our clients individual vessel use profiles and chartering practices
Extra expenses beyond pure cargo loss or damage including vessel arrest or detention expenses, blocking and trapping, embargo, prohibition, rejection, delay risk, debris removal and/or cargo disposal expenses
Loss through acceptance of fraudulent shipping documents or warehouse receipts.
Coverage enhancements specific to our core commodity focus groups include:
‘Guaranteed outturn’ leakage and/ or shortage cover and contamination loss howsoever arising with tailored deductibles
Cover for floating storage and bunkering operations
Covering shortage from containers (mysterious disappearance)
Consignment/collaterally managed stock cover
Hi-jacking of conveyance
Rust, oxidisation and discolouration cover howsoever arising
Inherent vice extensions including heating, sweating and spontaneous combustion
Reimbursement of export subsidiaries
Owned/operated warehouse liability coverage
Trade disruption insurance.
Project cargo and marine delay in start-up
We know that comprehensive understanding of our clients’ structure, operations and business principles are fundamental to the delivery of superior insurance/risk transfer products and services.
Aligning the right expertise and experience with the project owner and contractor is of paramount importance to the process. We have a dedicated project cargo placing and claims team with renowned market presence.
We have a proven track record in successfully handling large and complex projects, including; power, petrochemical (onshore and offshore), water treatment plants, refineries, above ground mines, heavy industrial facilities, wind farms, renewable energy plants, off shore platforms and heavy rig transportation
We can work with project owners, contractors and heavy lift freight forwarders
We put great emphasis on working closely with underwriters, the project contractor and the appointed marine warranty surveyor
We prepare and distribute bespoke survey/coordination procedures to assist in the understanding of, and compliance with, the survey warranty provision and other paramount contractual conditions/exclusions
Our contract form offers seamless project cargo and marine delay in start-up (DSU) insurance, including where required, contingent, difference in conditions (DIC) and difference in limits (DIL) provisions, including the following additional features. This needs to identify this is a list.
Non-cancellable contract, other than in respect of war and strikes risks
Broad form duration of cover clause specifically designed to avoid potential termination of cover during any particular voyage
Extra expense provisions available following loss or damage for debris removal, forwarding charges, replacement by air, overtime work, night work, work on public holidays and professional fees (independent architects, surveyors, consulting engineers etc).
Control of damaged goods clause ensures that the client remains in full control of said goods and shall be the sole judge as to whether they are fit for sale as salvage or otherwise for destruction
Deductible clause ensures that the physical damage deductible is not applicable in the event of a major insured peril (e.g. vessel sinking, stranding or collision)
We can provide real time support for our clients’ operations as needed
We offer global servicing including co-ordination of local policy implementation
We provide on-demand electronic insurance document production, data control and risk management solutions
We offer bespoke pre-loss claims handling strategies and procedures.
Internet-based global risk management
Worldwide cargo programmes
Claims service is the ultimate test. You need claims support that allows your business to continue uninterrupted in the event of a loss. Our claims service includes:
Stress testing and adapting products to tailor truly bespoke solutions that accurately reflect your risk exposure
A dedicated team that offers a comprehensive review of your policy wording
Using our extensive database we benchmark the performance of individual insurers, allowing you to make informed decisions about the markets with which you trade
Most importantly, in the event of a loss you really need the most from your broker. With 24/7 access, our priority is to deliver full settlement as quickly as possible. From submission to payment, our average lead market settlement period is ten days.