Marsh McLennan has announced a public-private partnership with Lloyd’s and the Ukrainian government to support Ukraine export trade by providing lower war risk premiums, reports Port Technology.
War risk insurance
Unity now provides affordable war risk insurance with its Unity insurance facility, for ships carrying all non-military cargo, including containerized shipping.
Launched in November 2023 to provide affordable war risk insurance for grain shipments and other critical food supplies globally, Unity offers hull and separate protection and indemnity (P&I) war risk insurance at reduced premiums compared to standard market pricing.
In addition to grain, Unity will provide cover for Ukraine’s other leading export industries including iron ore, steel, electrical equipment, and animal fodder.
Standby letters of credit established by the Ukrainian state-owned banks Ukreximbank and Ukrgasbank, each verified by DZ Bank, will persist in furnishing a primary loss coverage mechanism for shipowners and charterers, bolstered by the backing of the Government of Ukraine.
Yulia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy said: “Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine, especially in terms of exporting metallurgical products, as the full-scale invasion has heavily affected this sector.
Earlier this year, Bloomberg reported that Insurance for vessels voyaging across the Red Sea spiked amidst the increased threat from attacks by Houthi forces in Yemen.
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Source: Port Technology
