Marsh has launched a US$50m port blockage insurance facility, covering shipping ports and terminals.

Developed following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, the insurance facility can be purchased independently or used to supplement existing cover.

Available globally, the facility is specifically designed to provide insureds with cover for loss of revenue caused by third-party accidents such as a vessel sinking in a channel, a vessel impact resulting in a waterway closure, or a natural catastrophe. The facility’s wording can be customised to meet the specific needs of individual insureds.

Louise Nevill, CEO, UK Marine, Marsh Specialty, commented: “Port blockages around the world are increasing with frequency and severity and are resulting in debilitating consequences for businesses involved in international trade. As global trade continues to expand, this new facility offers clients a rapidly available layer of insurance cover to protect operations and recovery in the event of port and terminal disruptions.”

The new facility is backed by a panel of Lloyd’s of London and London market A+ rated insurers, with higher limits possible on a case-by-case basis.

Port blockage is an ongoing concern for businesses operating in the maritime industry, and results in significant disruptions to global supply chains and loss of revenue.


Image courtesy: Port of Dover

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