b'Having a single policy cover both marine and engineering risks provides tremendous benefits such as enhanced risk management and expedited policy issuance and claims resolution, said Kevin Wolfe, global head for project cargo at AGCS. We now pro-vide a single point of contact for clients and brokers,whichmakesiteasiertoidentify whether a loss occurred in transit or during a construction phase. All underwriters and loss adjusters are with one company. Combining different risks, such as materi-al loss and consequential loss, into a single policy is advantageous to both underwriters and insureds, noted Schoch. Preferably they will be written as two sections of the same policy with the loss of profit claim triggered by a loss under the material damage cargo section, she said. That way, any condition or warranty imposed by underwriters on the cargo policy will similarly affect the advance loss of profit coverage.The alternative, writing two separate poli-cies, one for material damage and the other for economic loss, would cause complica-tions for all concerned. The insured would have to submit claims separately to two sets of insurers who may not adopt identical po-sitions, Schoch explained. With the same underwriters, the claim will be dealt with by one claims department in conjunction with the underwriter who assessed and wrote the risk. An overall view would be adopted min-imizing the loss to both insurers.Presumably,theefficienciesoccasioned bycombiningrisksintoasinglepolicy should allow insurers to give their customers a break on the premiums. Still, project insur-ance will remain more expensive than other cargo policies. Projectcargoproducesveryexpensive losses, said Potter, so maximum premium income must be generated.2019 Collection Project / Energy Shipping 41'