Ascot & Marsh launch Lloyd’s cargo & war facility for Ukraine food export
Specialist re/insurer Ascot Group is joining with global broker Marsh for a facility to cover Black Sea food exports out of the Ukraine following a safe-transport deal between Ukraine and Russia.
Placed by Marsh, and led by Ascot, the marine cargo and war facility at Lloyd’s will provide up to $50m in all risks marine cargo and war coverage. The facility will allow ships transporting grain, and other designated food products from Ukrainian ports, to have reliable and readily available coverage in place for their export voyages.
Ascot head of cargo Chris McGill commented: “This bespoke, mission-focused facility allows the insurance market to play its part in enabling the vital transportation of grain and food products out of Ukraine to the wider world. Under the terms of the treaty, ships can transit designated Ukrainian ports through safe access corridors. Ascot, and the London market, is delighted to be doing its part to catalyse this humanitarian venture.”
Lloyd's chief of markets Patrick Tiernan said: “The facility announced by our market today is of paramount importance. It will add essential protections to the deal brokered by the UN last week and represents the latest support from Lloyd’s and the insurance industry to help the international community respond to the conflict.”
Marsh UK head of cargo David Roe added: “This facility is a major development in assisting our cargo clients manage the risks associated with operating in the Black Sea during this terrible time of war. Not only will it help unlock supply chains, it will alleviate mounting pressures on global food security, which will benefit nations and communities around the world.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
