GlobalData
2 min read
Hiscox has launched a new Cargo API solution to facilitate the underwriting process for small cargo and stock throughput risks.
The solution will serve the insurance needs of small and medium-sized businesses (SMBs) involved in the transportation and storage of goods.
The Cargo API allows for an expedited quote and binding process for risks that are within the underwriting guidelines set by Hiscox.
The types of goods coverage includes clothing, lumber, various equipment and parts, agricultural products, and both finished and manufactured goods.
The development of the risk rating models, policy wordings, and the software coding for the Cargo API were all conducted internally, the company said in a press release.
Additionally, the company has stated that all risks are secured by Hiscox Syndicate 33.
Price Forbes is the first broker partner to integrate the Cargo API, having developed the user interface that grants them and their affiliates direct access to the insurance product.
The Cargo API offers coverage options for transit, stock only, and stock throughput, with a coverage limit of up to $5m for cargo risks, although it is expected that most risks will not exceed $1m.
Hiscox London Market Cargo Line Underwriter Aimee Nolan: “We see our Cargo digital product as not only an innovative way of meeting client demand with a product that can provide immediate coverage, but also as a means of bringing new premium into the London insurance market that would otherwise be retained locally.
“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.”
In May 2025, Hiscox collaborated with Bellwether, a team at X, Alphabet’s Moonshot Factory, which is focused on creating a new approach to wildfire modelling for the insurance market in California.
"Hiscox unveils API solution for cargo risks " was originally created and published by Life Insurance International, a GlobalData owned brand.
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