3 surprising things you did not realise needed cargo insurance. Yes, they do and CertAsig insured them!
Some of the most interesting and complex projects we have had over the last few years were in the area of cargo insurance.
Here are 3 of the most complex cargo insurance policies, proof that insurance can be and is exciting, courtesy of CertAsig!
1. The Human Body Exhibition: Bucharest
After fascinating millions of visitors worldwide, in cities including London, Amsterdam, Barcelona, Bratislava, Budapest, Dublin, Kiev, Lisbon, Madrid, Prague, Turin, Vienna and Oostende, the famous exhibition captured the public’s interest in Bucharest in 2013.
The exhibition was on display for 3 months in Romania and offered a unique, 3D and real-life perspective on the human body. It included over 200 items – real human bodies preserved by the Dalian Hoffen Bio-technique Laboratory, by a special technique called plastination – a scientific process which permanently preserves human tissue using liquid silicone rubber.
This was an incredible and highly unusual insurance policy, as there was no precedent and the complexity of potential risks was huge! We covered all aspects, including liabilities, material damage or losses during transportation, loading / unloading, handling and maintenance of this incredible exhibition.
With an insured sum of 5 million euros, unprecedented risks for these exhibits in transit to and from Romania and a very short deadline, our underwriters had to put into this project every bit of their expertise and professionalism, but also creativity and imagination.
2. 45 million euros worth of cash….in transit!
One of our highest exposure policies (up to EUR 45 million per event) is for one of the largest security companies in Romania.
We insure cash collection, handling and transportation and it is anything but boring! From the moment of collection until delivery, going through storage, processing, ATM filling and service, there are significant risks of loss, damage and/or theft.
3. Cumintenia Pamantului – The Wisdom of the Earth – the famous sculpture by Constantin Brancusi, worth 20 million euros!
This masterpiece with a controversial past, sculpted by Brancusi in 1907 and belonging to the Romanian art patrimony and thesaurus, was confiscated in 1957 by the communist regime. The original owner’s descendants retrieved it after lengthy trials in 2012. The Romanian State is trying to buy back the masterpiece and is running a public campaign, hoping to complete the 5 million euros it has allocated with public donations. Therefore, the statue was moved from the National Art Museum to the National Bank Museum and exhibited to the public between June 16th – July 8th.
The precious, irreplaceable and highly sensitive cargo was co-insured by CertAsig. We covered the statue’s transfer between locations, its handling and care while exhibited and back safe to the National Museum of Art.
These are just a few of the most surprising cargoes we’ve insured, but we have so many more!
Daily, companies rely on us to keep them covered while transporting an unbelievable diversity of goods, all over this part of the world!
Some cargoes are carefully packed in secure containers, whilst others such as bulk commodities like grain or building materials are loosely stowed, with little protection from the elements. Some cargos are sensitive to extreme temperatures or fragile or simply irreplaceable, as for art works. Some are transiting dangerous zones, and come within peril of war, piracy or terrorism.
Whatever the cargo, whatever the risk, whatever the means of transportation – by air, by sea or by road, CertAsig can provide the appropriate insurance cover, and fast!
In our markets, respectively Romania, Bulgaria or Turkey, clients usually think about insurance literally moments before the vessel is set to sail or the trucks are lining up at the gate. So, a fast quote and quick acceptance of terms is needed, and that’s where good brokers need a good and prompt insurer – and that’s CertAsig!
Our reinsurance program, placed with top reinsurers like Partner RE, Hanover RE and Lloyd’s, offers wide cover and, with a normal maximum capacity of USD 15 million, is one of the largest in the CEE market. Our significant underwriting expertise and deep understanding of the risks that clients need to manage, enable us to assist our partner brokers in a time efficient and profitable manner!