b'From an underwriting standpoint, it is bestthe greater claims costs, include the extra to have both coverages included in a singlecharges involved in establishing whether the policy, according to Erika Schoch, the headcargo has hidden damage, following any im-of marine reinsurance for Latin America atpact during transit or in handling.Swiss Re. The value of any one item or part has little bearing on its significance to lossThere is a significant threat to project car-of profit, she explained. The material lossgo from heavy seas, especially when com-underwriter receives premium based on theponents are carried on deck. Another risk value and the claim is paid relative to thatto project loads occurs during road transit, value.FortheDSUunderwriter,lossorin the adverse camber of the roadway. The damage to low-value items which are vitalsloping of a road from its center to its sides [image 3.1-2] next page to a contract might result in an entire plantcould cause a large load to topple over, not-A civil engineer from Stantec inspects abeing inoperable. ed Potter, resulting in substantial and ex-bridge for the Oregon International Portpensive repairs, assuming it is not damaged of Coos Bay.Companies on all continents are increasingly seeking convenient and comprehensive insurance for large-scale projectsThe very nature of project cargo representsbeyond repair. If the item in question is unique risks that must be confronted at thecritical to the project, Potter added, its loss outset, during the planning stages. Projectmay cause a delay in its completion. cargo usually consists of large, heavy items, oftenhavinghighcentersofgravity,saidCollaborationJohn Potter, head of marine and aviation at AntaresUnderwriting.TheyarepronetoAGCSsannouncementofanexpanded toppling in transit and during handling. project cargo offering was formed by a part-nership between its marine and engineering Project cargo also includes smaller piec- divisions. This collaboration allows AGCS to es of equipment, such as computers, whichprovide end-to-end coverage for companies may be critical to the operation. Weathermanaging unique and complicated risks, ul-episodes can knock out a small-sized piecetimatelydeliveringamorecomprehensive of equipment, noted Potter. The lesson isand fluid transaction under a single policy. that the criticality of any one item for a proj-ect is a significant factor that the underwriterUnderwritten by AGCS Marine, the poli-must bear in mind when assessing the risk. cy is designed to manage risks of exposures such as shipment of equipment and machin-Somerisks,suchastheft,arelowerforery to construction sites; loss or damage of projectcargothanforordinarycargobutcomponents in transit; DSU loss of income they are higher during lifting, handling, andstemming from late or non-arrival of com-generalmovement,notedPotter.Projectponents; and construction all-risk insurance Cargo is inherently unstable in transit andprovided by engineering.40 THE UNCONTAINED www.theuncontained.com'