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) including shipper’s interest and various freight service liability coverages
  • Capacity:
    • Transit = $50M
    • Storage/Warehouse = $50M (Natcat = $10M per occurrence and in the annual aggregate)
       
  • Consultation regarding selection of transport route, means of conveyance, packaging, security requirements, etc., for special transport risks

Integrated “One AIG” Approach

Global Footprint in 215+ Countries and Jurisdictions

Dedicated Risk Engineers and Claims Professionals

The AIG Advantage

Specialized Solutions

  • Creates customized, sustainable ocean cargo solutions utilizing industry leading expertise, claims data, risk engineering and trend insights
  • Provides flexible coverages from basic shipments to complex, global risks across a wide range of industries including manufacturing, healthcare, technology, mining and energy 

  • Dedicates a team of ocean cargo underwriters around the world who have the experience and knowledge to provide differentiated client solutions 
     

Why is this important?

AIG Ocean Cargo’s broad appetite, collaborative approach and understanding of specialized risks provides customized solutions.

Multinational Expertise and Captive Management

  • Enables a consistent, seamless experience supported by locally admitted coverage for clients in over 215 countries and jurisdictions

  • Supports clients with captive management services, captive feasibility studies, operational reviews, and accounting and in-domicile regulatory filings 

  • Offers clients many of the benefits of standalone captives, without the full operating costs of standalone captives, through “rent-a-captive” facilities in Vermont and Bermuda
     

Why is this important?

AIG Ocean Cargo provides clients with a suite of global insurance and captive solutions.

Risk Consulting and Claims Expertise

  • Provides Marine Loss Control Engineering (MLCE) and Claims resources to help clients understand their risks

  • Upon coverage confirmation, AIG’s Marine Claims Promise provides funds up to 50% of client’s share of an agreed loss estimate within 7 days for property damage/repairs, sue and labor, and debris removal 

  • Delivers a global, end-to-end solution for clients’ claims intake, adjudication and management to help ensure a seamless claims process 
     

Why is this important?

AIG Ocean Cargo’s specialized team enables clients to address their complex global risks.

Why AIG

Specialized Solutions

Issue: A global manufacturing client expanded operations through an acquisition that changed its risk profile and insurance requirements.

Solution: AIG developed a tailored integrated solution that addressed the client’s enhanced risks supported by Ocean Cargo, Excess Casualty and Cyber.

Benefit: The company was able to integrate the new entity into their existing insurance program, further enhanced by the expanded coverage necessary.
 

Why is this important?

AIG’s integrated platform helps provide evolving clients with the solutions they need.

Multinational Expertise and Captive Management

Issue: A long-time, multinational client was experiencing increased loss activity and needed a solution to restructure their global marine cargo program.

Solution: AIG Ocean Cargo, with the support of Multinational, developed a customized solution building on the client’s current program and pre-existing captive facility.

Benefit: The client received sustainable, long-term solutions designed to specifically address their global marine cargo risk.

Why is this important?

AIG Ocean Cargo seeks first to understand each client’s risks, and then provide client-specific solutions.

North America Leadership

John Barnwell

Ocean Cargo Product Lead, North America

Ricardo McQuattie

Senior Marine Claims Officer

Michael Nukk

Head of North America Marine

James Neville

Head of Marine Loss Control Engineering, North America

Downloadable Materials

The scenarios described herein are offered only as examples. Coverage depends on the actual facts of each case and the terms, conditions and exclusions of each individual policy. Anyone interested in the above product(s) should request a copy of the standard form of policy for a description of the scope and limitations of coverage.