Move taken amid heightened supply chain risks
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, recently announced the launch of a first of its kind US$ 50mn port blockage insurance facility, covering shipping ports and terminals around the world.
Available to Marsh clients globally, it is specifically designed to provide clients with cover for loss of revenue caused by third-party accidents such as a vessel sinking in a channel, a vessel impact resulting in a waterway closure, or a natural catastrophe.
The facility is backed by a panel of Lloyd’s of London and London market A+ rated insurers, and offers capacity of US$ 50mn, with higher limits being available on a case-by-case basis.
Port blockage is a growing concern for businesses operating in the maritime industry and can result in significant disruptions to global supply chains and loss of revenue. The facility’s wording can be customised to meet the specific needs of individual clients, meaning that coverage can be aligned to specific risk exposures and operational requirements.
“Port blockages around the world are increasing with frequency and severity and are resulting in debilitating consequences for businesses involved in international trade. As global trade continues to expand, this new facility offers clients a rapidly available layer of insurance cover to protect operations and recovery in the event of port and terminal disruptions,” commented Louise Nevill, CEO, UK Marine, Marsh Specialty.
