Specialist insurer Hiscox has introduced a new API-based cargo insurance solution aimed at helping brokers underwrite small cargo and stock throughput risks.

The new product targets small to medium-sized businesses with global shipping and storage needs – risks that typically fall outside the scope of the London Market. Cargo API provides instant quote-and-bind capability for risks within appetite, offering coverage certainty for insureds moving or storing goods such as clothing, equipment, lumber, agri-products and other manufactured goods.

The API-based approach is designed to bring new premium into London by attracting smaller risks that might otherwise be placed locally. Hiscox has built the risk rating models, policy wordings and software coding in-house, with all risks written 100% by Hiscox Syndicate 33. The product offers options for transit, stock only and stock throughput cover, with limits up to US$5m, and most risks expected to fall under US$1m.

Price Forbes is the first broker partner for Cargo API, having developed the front-end interface to provide brokers and their clients with direct access to the facility.

Aimee Nolan, line underwriter, cargo at Hiscox London Market, said the launch reflected a shift in how smaller cargo risks are addressed: “We were asked to meet a clear need for smaller-sized cargo cover – something the London Market has traditionally struggled to accommodate. Our solution enables coverholders to price and bind these risks immediately, helping clients secure coverage faster and more easily.”

Huw Davies, executive director at Price Forbes, said the API meets a clear client demand: “We were often approached to help source insurance for smaller cargo risks. Hiscox’s strong track record in digital innovation made them a natural partner for this project. We’re pleased to see the API go live – it opens up an important new option for clients who’ve historically struggled to find the right cover.”

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