Willis launches new $200m facility to tackle geopolitical uncertainty for cargo owners

WTW’s broking business Willis has launched a new facility that combines coverage for a range of geopolitical exposures faced by cargo owners worldwide.

Called Undercover, the £146.7m ($200m) facility was developed with specialty insurer Markel.

It aims to offer a unique approach to the risk transfer of cargo, war on land, terrorism, political violence and confiscation coverage, with sections of coverage selected based on the individual needs of the client.

“This single-facility approach minimises coverage gaps and reduces the likelihood of claims disputes, as well as removing the need to establish the motivation for a claim,” Willis said.

Offering certainty

Ben Abraham, global chief executive at Willis Marine, said: “In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations.

“This innovative solution is the first that offers a clear, comprehensive approach to cover, offering the maximum certainty exactly when it’s needed and when the worst happens.”

Brook Styles, head of cargo at Markel International, added: “The transportation of goods is highly sensitive to geopolitical uncertainty, which has the potential to disrupt trade routes, increase operating costs and put pressure on the resilience of global supply chains.

“We’re therefore pleased to have launched this new product, which provides support to cargo owners by helping them navigate today’s complex geopolitical risk environment with added confidence, clarity and simplicity.”