Key Points
Lloyd's of London (SOLYD.UL) insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday...
Kyiv launched a "humanitarian corridor" in August for ships bound for Africa and Asia to circumvent a de facto blockade in the Black Sea after Russia quit a United Nations-brokered deal that had guaranteed Kyiv's seaborne exports during the war...
Lloyd's of London insurers will underwrite the programme, which provides $50 million of hull war risk cover and $50 million of protection and indemnity (P&I) insurance for every voyage...
"For (commercial companies) to know that the UK government is standing behind this has really helped to give it the credibility that it needs," he said.. War risk insurance premiums have risen to as much as 3% of the value of a vessel after a missile damaged a merchant ship in the Ukrainian port of Pivdennyi last week, industry sources said.. Baker said the programme could reduce that cost to as little as "a third of the existing pricing"...
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