Reinsurance News

Miller and Clearwater Dynamics partner for Black Sea vessel war risks insurance

26th September 2023 - Author: Akankshita Mukhopadhyay

Miller, a leading independent specialist (re)insurance broker, and Clearwater Dynamics (CWD), in collaboration with Ukrainian authorities, have joined forces to introduce comprehensive War Risks insurance coverage for vessels operating in the Black Sea.

MillerThis groundbreaking solution leverages Clearwater Dynamics’ cutting-edge technology to enable advanced vessel tracking and 24/7 operations room monitoring, ensuring the safety and security of vessels transiting through the vital grain corridor.

In a region often fraught with geopolitical uncertainties and potential risks, this partnership promises an additional layer of security for insurers and underwriters, providing them with live oversight of all vessels in the area and the ability to monitor their exposures in real-time.

Nick Summers, Head of Direct Marine at Miller, emphasised the critical role of insurance in facilitating the shipping of Ukrainian grain.

He stated, “We are proud to have been able to play a role in providing an industry-wide solution. Working closely with Clearwater Dynamics, we have been able to demonstrate the significant real-world impact that insurance can have by combining technology with deep sector expertise. By utilising CWD technology and operational support, we can furnish underwriters with the information they need to insure vessels as they travel through the corridor. We are open to all inquiries and look forward to helping Ukraine resume the vital international shipping of its grain.”

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The solution is set to be underwritten by Lloyd’s and A-rated London market insurers, ensuring comprehensive insurance capacity to cover the policies in full.

Admiral Sir Trevor Soar, CWD Advisor to the Board, highlighted the partnership’s role in enhancing confidence and safety for vessels in a War-Risk area.

He stated, “By substantially enhancing confidence in the knowledge that vessels are being actively monitored while operating in a War-Risk area, this partnership will help enable safer passage of merchant ships from Ukraine and facilitate the movement of grain to support a growing humanitarian need for grain export.”

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