As insurers continue to be squeezed, underwriters in the cargo market are venturing further away from their traditional transit-only-risks to risks that would commonly be placed in the property and energy markets.

The development of stock throughput (STP) coverage saw the cargo market slowly take stock away from the property market, and now we are seeing more and more storage only policies.

More recently, the cargo market is increasingly prepared to cover equipment whilst in use.

An example of this was our recent success on a leading downhole, subsea well intervention and plugging & abandonment service business. Aside from standard STP coverage, Miller successfully extended the policy to include the equipment permanently situated on the platforms within the Gulf of Mexico, both whilst at rest and in use.

We achieved considerable premium saving for the insured, with more competitive deductibles than terms offered by the energy market.