Risk Placement Services (RPS) has announced the launch of a new all-risk cargo product with carrier partner The Hartford.
The global cargo policy is available to quote-bind-issue in only two minutes through the RPS Small Business Platform. The policy covers tangible damages to goods while in transit from the origin warehouse to the destination warehouse by sea, air and overland transit. The coverage protects against theft, loss or damage to the cargo, whether it is due to sacrificed containers, piracy or inclement weather resulting in goods going overboard.
“Through The Hartford’s dedicated underwriting and claims management, and backed by RPS’ deep expertise in this specialty market, the online platform allows agents and brokers to simply and efficiently secure end-to-end cargo coverage for their small business clients,” said Brendan Neligan, marine broker at RPS.
“Offering our cargo product through the RPS platform helps address a complex transportation risk without the challenge of invasive underwriting requirements,” said Paul Boulos, national cargo practice leader at The Hartford. “The Hartford’s competitive policy form covers a wide array of exposures throughout the supply chain and aims to keep businesses moving and uninterrupted. We are excited and fortunate to go to market with a dynamic partner in RPS and expect continued expansion in this offering as it grows.”
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The product is designed for importers, exporters, manufacturers and distributors with less than $15 million in annual sales or shipped values. It is available for US domestic risks and worldwide, except in countries and territories under sanction. Highlights of the policy include:
- Up to $1 million limit for any one conveyance or named storage location
- Domestic and foreign inland transit covers and land conveyances
- Salesman samples, installation, exhibition/trade show, and unnamed location features ensure goods are covered for a wide spectrum of scenarios