RSA Insurance’s UK Specialty Lines business and Brit Ltd have joined forces to unveil ‘BUILD,’ a Project Cargo consortium that stands as one of the largest in the global cargo market.
Open for business, this consortium offers a guaranteed capacity of up to USD 285 million for Project Cargo risks on a worldwide scale.
Project Cargo insurance addresses the cover and protection needs for equipment susceptible to loss or damage during transit.
The ‘BUILD’ consortium ensures comprehensive global Project Cargo coverage, encompassing Delay in Start-up and Advanced Loss of Profits, and functions primarily as a lead or follow capacity where applicable.
Heading the consortium are Richard Landers, Senior Cargo Underwriter at RSA Insurance, and Penny Robinson, Cargo Class Underwriter at Brit. Target sectors for this initiative include Renewable, Power, Waste to Energy, Infrastructure, Manufacturing, and Innovation.
Calvin Gray, London Market Marine Director at RSA Insurance, emphasised the company’s commitment to providing market-leading solutions, stating, “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.”
Richard Landers, Senior Cargo Underwriter at RSA Insurance, expressed enthusiasm about the launch, calling it one of the biggest and most compelling Project Cargo consortiums in the market.
He highlighted the opportunity to expand their market-leading marine offering and provide high-level cover for growing projects, particularly in the renewable energy sector.
Penny Robinson, Cargo Class Underwriter at Brit, emphasised the critical role of Project Cargo Insurance in facilitating infrastructure projects across construction sectors.
She noted that the ‘BUILD’ consortium would play a key role in ensuring that the London Market can offer the necessary capacity and sophisticated coverage required by clients.
“We are delighted to launch this exciting new placement option and we are pleased to be able to build on our reputation as a leading Cargo market.”
