Specialist insurer Hiscox has introduced a new digital solution aimed at simplifying the placement of small cargo and stock throughput risks. The newly launched Cargo API is designed to fill a gap in the market by offering efficient, accessible coverage for lower-value goods in transit and storage.
Developed in-house and accessible exclusively through broker partners, the Cargo API targets small to medium-sized enterprises (SMEs) with international shipping and storage needs. The platform enables brokers to quote and bind eligible risks in near real-time, covering a wide range of goods including clothing, agricultural products, machinery, lumber, and finished items.
The offering includes flexible coverage options such as transit-only, stock-only, and full stock throughput, with coverage limits of up to US$5 million.
“This solution complements and balances our portfolio of larger, more complex, and catastrophe-exposed cargo risks, while also serving as a repeatable model for developing digital solutions for other coverholders aligned with Hiscox’s risk appetite,” said Nolan.
Price Forbes is the first broker to partner with Hiscox on the new platform. The brokerage played a key role in developing the front-end interface, enabling brokers and their networks to seamlessly access the Cargo API.
