Hiscox, the Bermuda-based global specialist insurer, has launched a new Cargo API (application programming interface)-based solution, available through broker partners for underwriting small cargo and stock throughput risks.
Responding to demand for an insurance product to cover the smaller cargo risks that typically do not get placed in the London insurance market, Hiscox’s Cargo API targets the needs of a wide range of small and medium-sized businesses and their storage and shipment requirements worldwide.
Types of risks insured include: clothing, lumber, equipment and parts, agri-products, as well as finished and manufactured items. Use of the Cargo API provides a near instant quote and bind for every risk within underwriting appetite, providing certainty and peace of mind for clients.
In addition to developing the risk rating models, policy wordings and software coding for the Cargo API in-house, all risks have 100% Hiscox Syndicate 33 security. As the first broker partner for Hiscox’s digital solution, Price Forbes has built out the front end of the API to enable them and their partners to access the product directly.
Offering transit, stock only and stock throughput cover, the limit available for cargo risks through the Cargo API is US$5 million, with a majority of risks expected to be below US$1 million. The Cargo API is also backed by Hiscox’s claims team, bringing their expertise to deliver payment of claims in a fast and effective way, helping to deliver certainty for clients during uncertain times.
“We were asked to help respond to a need from companies for a cargo insurance product for smaller sized risks; needs that were not being met by a London insurance market more used to dealing with larger and more complex cargo risks. Our digital solution is available to brokers, to enable them as our coverholders to immediately start pricing and binding smaller cargo risks,” commented Aimee Nolan, line underwriter, Cargo, for Hiscox London Market, in a statement.
