Hiscox launches API solution for sub-$5 million cargo risks

By Rebecca Delaney

June 30 - (The Insurer) - Hiscox said on Monday it had launched an application programming interface (API) solution for smaller cargo risks that are not typically placed in the London market.

The API-based solution is available through broker partners for underwriting small cargo and stock throughput risks, including clothing, lumber, equipment and parts, and agri-products, as well as finished and manufactured items.

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.

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, the (re)insurer said.

As the first broker partner for Hiscox’s digital solution, Price Forbes has built out the front end of the API for partners to access it directly.

"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," said Aimee Nolan, cargo line underwriter at Hiscox London Market.

"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."