Hiscox launches Cargo API
Hiscox has launched a new Cargo API based solution, available through broker partners for underwriting small cargo and stock throughput risks.
The new offering includes coverage for clothing, lumber, equipment and parts, agri-products, as well as finished and manufactured items. Brokers will be able to get a near instant quote and bind for every risk within underwriting appetite.
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 $5 million, with a majority of risks expected to be below $1 million.
“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. We see our Cargo digital product as not only an innovative way of meeting client demand with a product that can provide immediate coverage, but also as a means of bringing new premium into the London insurance market that would otherwise be retained locally. This solution complements and balances our portfolio of larger, more complex and catastrophe-exposed cargo risks, while providing an easily repeatable template to develop other digital solutions for other coverholders where Hiscox has the risk appetite.” – Aimee Nolan, Line Underwriter, Cargo for Hiscox London Market.
“We were regularly being asked to help find cargo insurance solutions for small to medium sized cargo risks so we turned to Hiscox, to see if they could develop a digital solution given their existing strong reputation in this area for other lines of business. Hiscox’s Cargo API is the result and we are delighted to see it launch as it provides an attractive new insurance facility for many cargo owners who may previously have had to look elsewhere for cover or where there was no solution for them.” – Huw Davies, Executive Director at Price Forbes.
