The first insurance placement for the new Marine Cargo and War facility launched earlier this month by Marsh and Ascot has been secured. The facility provides up to US$50m in all risks marine cargo and war coverage.
Now open to Lloyd’s of London registered brokers in support of ongoing humanitarian efforts, the facility provides cover for Ukrainian grain and other vital food supplies being shipped through safe corridors established by the newly signed Black Sea Treaty between Russia and Ukraine.
David Roe, head of UK cargo, Marsh, said: “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. 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 cargo, Ascot, 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.”
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