Satis Services has launched a new scheme, also called Satis, to provide legal representation and insurance for international shippers' and traders' legal costs .

Satis covers disputes occurring during the course of trade and is not limited to disputes relating to an entered vessel or insured ship. Cover is on a fixed premium basis.

The initial limit of cover will be $50,000 (£35,000), but higher limits will be available when legal costs are likely to exceed that level.

A Satis spokesman said: “Our research indicates that a product of this kind is long overdue in the market and there is a strong potential worldwide demand.”

The policy is underwritten at Lloyd's.