b'2American Journal ofTransportation ajot.comMarine Project CargoP ROJEC T C ARG O202 4Insurance is adapting with the global marketAndrew Meadows, AJOTThe expanding global proj- key to creating a comprehensive ectcargomarketispushinginsuranceprogramandavoiding marine risk underwriters to keepcertain pitfalls.pacewiththeever-changing environment. o neo ffo ut ofg augeSpecializedpoliciesmustCapt. Andrew Kinsey, ISCs now cover heavier weights andDirectorofMarineConsulting, even more irregular dimensionssaid risk assessment and risk mit-for the sea transport of massive,igation in the project cargo arena complex equipment and machin- differfromgeneral,container, ery utilized by industries such asandregularbreakbulkcargo. windenergy,petrochemicals,Underwriters and shippers must and modular construction. have clear agreement on a wide rangeofproceduresincluding P rojectI nsurance : e ach loadingandhandling,securing, D ayn ewc hallenges routingandtransportinglifting, Marine project cargo insur- rigging and crew experience. ance in general is not a static riskWith project cargo you tend coverage,saidKevinWolfe,to deal with One Off Out of SVPMarineDivisionforInte- (ADAPTINGcontinued onAllelys completed the transport and installation of a 154-ton turbine and a 132-ton generator from Ellesmere Port to ACL_AJOT_RORO_ad_Layout 19/13/2410:57 AMPage 1gratedSpecialtyCoverages,apage 4) Lostock Sustainable Energy Plant. (See story on page 12)Carlsbad,CA-basedinsurance solutionsprovider.Marine underwriters continue their vigi-lance on the many issues impact-ingcargomovingaroundtheRO-RO-ROworld. This is the nature of our business,andeachdaybrings new challenges. Your Boats,Trucks & Trains, Cars,Tractors, Kevin Wolfe, SVP Marine Division,Copters &Integrated Specialty Coverages Cranes!These can be weather related, geopolitical events, war risks, the shallowing of the Panama Canal, labor unrest, piracy, port acces-sibility issues, new commodities suchaslithium-ionbatteries, increased size of newer contain-erships and a host of other yet unknowns.The oversized cargo trans- Looking forportation market size is expectedthe right carrier toto grow from $210 billion cur-rently to $276 billion by 2030, athandle all of your break-a CAGR of 4 percent, accordingbulk, project and oversizedto Maximize Market Research. And Astute Analytics reports thecargo, heavy equipment globalmarinecargoinsuranceor vehicles? ACL will roro marketwillincreasefrom$20 billion to $34 billion by 2032, aall of your cargo gently CAGR of 5.9 percent. across the ocean and send themMeanwhile,offshorewind capacity will grow 15.7% over themerrily on their way!next five years according to S&P Global Market Intelligence.Wolfe said a critical aspect formarineunderwriterswhen entertaining offshore wind proj- A Grimaldi Group Companyects is to clearly define within theirpolicythespecificpoint where marine coverage ceases, anderection/installationcover-age begins. Establishingthiscoverage transferpointhelpstoremove any gray areas and clarifies which insurer is on risk in the event of an occurrence which may give rise to a claim, he said.Underwriter, insured, and broker collaboration early in the submission process is'