Protecting vital infrastructure in Latin America
11 March 2020
As natural disasters are becoming increasingly common, businesses around the world are reviewing their exposures and risk management programs.
Latin America is a region which has been particularly affected by floods, droughts, hurricanes and earthquakes over the last few years. As natural disasters strike, it is vital that national infrastructure is protected and can be brought back online quickly, with transportation key to re-establishing order.
On a huge continent where virtually every country has a coastline, ports and terminals are vital to the economy: as conduits for trade and transportation of cargo and of the population. Protecting them is a crucial component of maintaining everyday life and business.
Price Forbes is a globally recognised leader in Ports and Terminals insurance, working with some of the world’s largest operators. In 2019, Latin America was both a focus and success story for us.
Due to our experience and expertise in the sector, we recognise that Ports and Terminals crosses multiple “traditional” lines of insurance. To enable us to design the right policy for many varied operators across multiple jurisdictions, we work closely with our Marine, Aviation, Cyber and Non-Marine Property teams to ensure our modelling of exposures is unified and consistent.
Our relationships with strategic insurance carriers then allow us to find and create the optimum solution at reasonable cost. But this is only part of our responsibility to our clients. We recognise the importance of meeting the requirements of all relevant stakeholders within each programme. We package many risks into one seamless policy or, depending on individual requirements, place them in separate policies, always ensuring seamless coverage.
Most importantly, we understand the value of service. Our clients know that we are directly available to them whenever they need us. Our added value comes in the form of our dedicated, Spanish-speaking Latin America team, who work closely with all of our specialty divisions to understand our clients’ specific needs and can work with them on the full spectrum of business operations.
In the last 18 months, we have begun working with El Salvador’s major seaports and airports, Chile’s major ports, a significant seaport in Mexico and other operators across the continent.
These vital transport hubs are a key part of Price Forbes’ focussed regional strategy in Latin America and we are looking forward to expanding further.
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