Ukraine grain facility secures first placement
Ukraine grain facility secures first placement
29 August 2022
A Lloyd’s Marine Cargo and War facility launched to provide cover for the shipment of grain and other food supplies from Ukrainian ports has secured its first placement.
Broker Marsh and speciality insurer and reinsurer Ascot Group said last week the facility has been extended to clients of Lloyd’s registered brokers in a move to provide additional support to humanitarian efforts and alleviate pressure on supply chains and food security.
The facility, which provides up to $US50 million ($71.8 million) in all risks marine cargo and war coverage, was put in place after safe corridors were established by a Black Sea Treaty signed by Russia and Ukraine last month.
“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,” Marsh Head of UK Cargo David Roe said.
“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.”
