Marsh and Ascot Group announces first placement for Ukrainian grain insurance facility

The facility provides up to $50m in all-risks marine cargo and war coverage cover for Ukrainian grain and other food supplies being shipped through the safe corridor established by the Black Sea Treaty between Russia and Ukraine.

Related topics:  Ukraine,  grain insurance
Tabitha Lambie | Editorial assistant, Barcadia Media
24th August 2022
Ukraine Grain Shipments

Marsh, Ascot, and other leading insurers involved with the facility that launched earlier this month have also agreed to extend its provisions to clients of Lloyd’s of London registered brokers. This decision was made in a move designed to provide “added support to ongoing humanitarian efforts and alleviate continued pressure on supply chains and food security,” said Marsh.

Prior to this decision, Lloyd’s of London had been working to develop policies to support grain shipments, recruiting insurers such as Lancashire, to underwrite ships passing through the grain corridor.

READ MORE: Lloyd’s of London 'preparing to provide cover' for Ukrainian grain shipments

Commenting on the decision, David Roe, Marsh head of UK cargo has 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.

“By making the facility available to 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, Ascot head of cargo added that “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.”

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