Ocean Cargo

What is Ocean Cargo Insurance?

  • Target Classes: Importers, exporters, manufacturers, wholesalers and distributors who have international transit exposures; general cargo – containerized goods; bulk & break bulk cargo – liquids and dry; project cargo.
  • Specialties include multinational controlled master programs, captive fronting, stock throughput and logistics package policies (Freight Pak).
  • Capacity:
    • Transit = $50M
    • Storage/Warehouse = $50M (Natcat = $10M per occurrence and in the annual aggregate)
    • Retail Stock Throughput (STP) = $2.5M per location and $10M annual aggregate limit
       
  • Minimum deductible: flexible to meet the exposure of each individual risk.
  • Consultation regarding selection of transport route, means of conveyance, packaging, security requirements, etc., for special transport risks.

The AIG Advantage

Risk Consulting

  • Multi-faceted Marine Loss Control Engineering team operating worldwide, analyzing exposures and loss histories, and then making the appropriate recommendations to minimize risk.
  • A verage 25 years of maritime industry experience; most are licensed master mariners and vessel chief engineers with complementary experience as adjusters and surveyors. 
  • Experts in safely transporting high value/critical project cargo shipments, packaging and handling standards, warehouse security and fire protection and vessel vetting.

Multinational

  • Committed to delivering world-class multinational expertise, solutions and service to clients in a globally consistent and seamless fashion.
  • One of the largest global networks in the industry, spanning 215+ countries and jurisdictions.
  • Clients have access to innovative technology and tools to help manage their unique Global Marine program.

Claims

  • In the event of a first party cargo claim, once coverage is confirmed, AIG promises to provide the policyholder with immediate working funds of up to 50% of their share of the agreed estimate within 7 days for: property damage/ repairs, sue and labor, and debris removal if applicable.
  • Access to OneClaim, a global, end-to-end solution for claims intake, adjudication and management to ensure seamless coordination throughout the claims process.
  • Expedited claims service and settlement process with knowledge of local legislation and international conventions.

Why AIG

Problem Solvers

Issue: A manufacturing client was looking for a market that could provide them with a better solution on their multinational policies than they had with the incumbent carrier.

Solution: The AIG team coordinated with Tata  AIG and another international AIG office  to offer insight on their local programs, putting together a program that provided  a solution for this client.

Benefits: AIG was able to demonstrate its strong multinational capabilities and understanding of the various local market issues.

Creative Solutions

Issue: A manufacturing client that  ships raw materials was looking  to protect its product and  materials from theft.

Solution: AIG worked with the client to get their logistics security under control internationally, getting the right loss measures in place.

Benefits: The client was satisfied with the various measures AIG put in place to curtail losses, as well as our widespread footprint for handling of claims for their various entities around the world.

Claims Expertise

Issue: An insured had a large volume of  fuel oil, valued at $20M+, which became contaminated in the  vessel’s cargo tanks.

Solution: AIG appointed an expert to investigate and conduct sample testing to identify causing party and also the contaminant. AIG hired a specialist who de-contaminated the fuel oil and restored  it to the original quality.

Benefits: The insured was able to receive the good quality merchandise. AIG provided detailed inspection and  testing reports from the expert.

North America Leadership

John Barnwell

Cargo Product Lead, North America

Ricardo McQuattie

Senior Marine Claims Officer

James Neville

Head of Marine Loss Control Engineering, North America

Downloadable Materials