Executive Briefing: Insurance and Risk Management in a Changing Project Cargo Market
What can project and breakbulk shippers do to mitigate the risks and costs associated with obtaining marine insurance, especially in the face of high demand, a congested shipping market, and an aging fleet? Project cargo insurance premiums quickly climb into the millions of dollars, and this after rigorous engineering and certification requirements are met. From a loss control standpoint, insurers don’t want to see project cargo on older ships — but the days of plentiful capacity are over, and shippers' options are shrinking. Knock-on effects from the congested container market also are complicating the picture. How can shippers, forwarders, and carriers work with their marine insurance provider to proactively identify and mitigate risk and keep cargo moving? What happens as the multipurpose, heavy-lift, and super-heavy-lift fleet ages even as the project market looks poised for an upswing? Speaking from the points of view of the marine insurer and project shipper client, Andrew Kinsey with Liberty Mutual Insurance and Andy Young with Bechtel Global Logistics will address these questions during this executive briefing.