Press Release:UK P&I Club and Allianz Global Corporate & Specialty publish new guidance on heavy-lift and project cargo

The UK P&I Club ("the Club") has joined forces with leading marine cargo insurer Allianz Global Corporate & Specialty (AGCS) to publish new practical guidance for shipowners and operators on how to carry heavy-lift and project cargo safely at sea.

Recent incidents with such cargo have led to significant ship and cargo losses as well as multi-million dollar claims for consequential project delays.

Karl Lumbers, Loss Prevention Director of the Club, says: "The increasing globalisation of infrastructure supply chains means ships are carrying bigger, more expensive and often awkwardly shaped project cargo. These range from wind turbines and cooling towers to bridge decks and accommodation modules. "We are increasingly concerned about the lack of expertise, skills and resources being deployed in this complex area of transportation, in all parts of the chain, both ashore and on board. The use of unsuitable vessels for the cargo, poor quality or inadequate securing and dunnage, inexperienced personnel and a lack of detailed planning can all lead to damage or loss of the cargo. We have therefore joined forces with leading marine cargo insurer AGCS to produce a comprehensive new industry guide."

Written with independent expert input from London-based marine survey and consultancy firm Cwaves, 'Project cargo matters' provides practical guidance on how to load, stow, secure and discharge heavy-lift and project cargo safely − from super yachts to substructures. Its main recommendations are also available in a pocket-sized checklist entitled 'How to handle project cargoes'.

Graham Bell, Global Project Cargo Specialist at AGCS, says: "We are delighted to have collaborated with the Club on this project. By combining and sharing our extensive international knowledge and expertise in this area I believe we have delivered a uniquely useful guide that can be understood and followed by everyone involved in carrying heavy-lift and project cargo at sea."

The guide describes the characteristics of typical heavy-lift and project cargo and includes details of relevant regulations and codes, a review of vessel types and suitability, recommended loading and discharge procedures, detailed stowage and securing advice, and requirements for voyage planning, reporting and record keeping.

Pitfalls highlighted include the use of inherently unsuitable bulk carriers; loading a ship such that it rolls too slowly or too quickly and overloads the cargo fastenings; mixing "hard" fastenings such as stoppers with "soft" fastenings such as lashings to resist the same force; and failing to ensure that heavy items in containers are properly secured.

Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS, says: "The cost involved in project cargo damages or losses can be very large, often running into tens, possibly hundreds of millions of dollars. The risk involved can be largely mitigated with careful planning and attention before the cargo is received for shipment and by always following the procedures contained in our new guide jointly produced with the UK P&I Club."

Media contacts

AGCS: Jonathan Tilburn +44 203 451 3128

UK P&I Club: Shelly Durrant / Chiara Barreca / Arran Fano - Broadgate Mainland UKP& +44 (0) 207 726 6111

About Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS

) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Financial Lines (incl. D&O), Liability and Property insurance (incl. International Insurance Programs).

Worldwide, AGCS operates in 28 countries with own units and in more than 160 countries through the Allianz Group network and partners. It employs more than 3,500 people and provides insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €5 billion gross premium worldwide annually (2013).

AGCS SE is rated AA by Standard & Poor's (Nov 2013) and A+ by A.M.Best (July 2014). For more information please visit or follow us on Twitter @AGCS_Insurance

About UK P&I Club.

The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1865 the UK P&I Club insures over 200 million tonnes of owned and chartered shipping through its international offices and claims network. 'A (Stable)' rated by Standard & Poor's with free reserves and hybrid capital of $528m the UK P&I Club is renowned for its specialist skills and expertise which ensure 'best in class' underwriting, claims handling and loss prevention services. The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.

Thomas Miller

Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals.

Cautionary Note

Regarding Forward-Looking Statements The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE's filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.


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