Insurance broker Marsh and global specialty re/insurer Ascot Group have announced the first insurance placement for the new Marine Cargo and War facility.
Launched earlier this month, the facility provides coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between Russia and Ukraine.
Marsh, Ascot and other leading insurers that are part of the facility have agreed to extend it to clients of Lloyd’s of London registered brokers, in a move designed to provide added support to ongoing humanitarian efforts and alleviate continued pressure on supply chains and food security.
Moreover, the facility provides up to $50 million in all risks marine cargo and war coverage. At the same time, the facility also allows ships transporting grain, and other designated food products from Ukrainian ports, to have reliable and readily available coverage in place for their export voyages.
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,” said David Roe, Head of UK Cargo, Marsh.
“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.”