Marsh McLennan has expanded its war risk insurance coverage, Unity insurance facility, to cover non-military shipments.
Unity is a collaborative effort between Marsh McLennan, the Ukrainian Government and Lloyd’s.
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It was introduced in November last year to provide affordable insurance for grain shipments.
The expanded coverage of Unity encompasses a range of Ukrainian exports including iron ore, steel, electrical equipment and animal fodder.
This extension aims to facilitate the smooth transit of these goods by offering hull and separate P&I war risk insurance at reduced premiums.
The move is also expected to bolster the country’s broader maritime export ecosystem, offering support amidst the ongoing conflict and ensuring the stability of global supply chains.
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By GlobalDataTo ensure financial backing, standby letters of credit have been arranged by state-owned Ukrainian banks, Ukreximbank and Ukrgasbank, with confirmation from DZ Bank.
These letters serve as a first loss compensation fund for shipowners and charterers, with the support of the Ukrainian Government.
Unity, led by Ascot and underwritten by insurers at Lloyd’s and other London-based insurers, provides up to $50m in hull and P&I war risk insurance.
Its services are accessible to clients via all Lloyd’s registered brokers.
Marsh McLennan president and CEO John Doyle said: “Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country, and recover from the devastating impact of war on its people and economy.
“We are pleased to expand this public-private partnership with the Ukrainian Government. It will provide exporters with lower premiums to ship a wider range of goods through its Black Sea trade routes and deliver major economic benefits to Ukraine.”
Ukraine First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko 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.”
In a separate development last week, March unit Marsh McLennan Agency bolstered its Louisiana foothold by finalising the acquisitions of middle-market agencies Querbes & Nelson and Louisiana Companies.
