Marsh has unveiled a US$50 million port blockage insurance facility, covering shipping ports and terminals around the world.
Created by Marsh following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, the insurance facility can be purchased independently or used to supplement existing coverage.
The company states that 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, backed by a panel of Lloyd’s of London and London market A+ rated insurers, also offers capacity with higher limits than US$50 million on a case-by-case basis.
Commenting on the launch, Louise Nevill, CEO of UK Marine at Marsh Specialty, states: “Port blockages around the world are increasing in 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.”