The facility is now available to clients of Lloyd’s of London registered brokers
Broker Marsh and global specialty (re)insurer Ascot Group has secured its first insurance placement for its new marine cargo and war facility.
The facility, which launched in August 2022, provides marine cargo and war cover up to $50m (£41m) – including protection for Ukrainian grain and other designated food products being shipped through safe corridors in the Black Sea established by a recent treaty.
The treaty is a result of Russia and Ukraine reaching an agreement with the United Nations and Turkey in July 2022 to reopen Ukraine’s seaports and ensure safe passage for its ships carrying grain in the Black Sea.
In a move to further support ongoing humanitarian efforts and alleviate pressure on supply chains and food security, insurers involved with the facility have agreed to extend cover to clients of Lloyd’s of London registered brokers.
Marsh’s head of UK cargo, David Roe, said that “cargo and war insurance will play a pivotal role in the broader resumption of grain and other vital food exports from Ukraine’s Black Sea ports”.
He continued: “By making the facility available to the clients of Lloyd’s of London registered brokers, it is our hope that we can all work together to support international efforts and help ensure Ukrainian grain reaches the world’s most vulnerable people during this terrible time of conflict.”
Chris McGill, head of marine cargo at Ascot Group, added: “We’re delighted to provide coverage to the first insured using this facility.
“Since its launch, we have seen significant demand for the product from a number of clients and brokers.
“It’s great that this mission-driven initiative is open and able to meet that demand for all who may need it.”
- Insurance Times has converted dollar amounts into pounds using an exchange rate of £1 = $1.22, which was correct as of 1 August 2022.