Marsh created this product following the recent collapse of the Francis Scott Key Bridge and the subsequent disruption at the Port of Baltimore.
The product is tailored to cover loss of revenue incurred by third-party accidents, such as a ship sinking in a channel, a vessel collision leading to a waterway closure, or a natural disaster. The product can be purchased independently or in conjunction with existing policies.
Louise Nevill, CEO, UK Marine, Marsh Specialty, said: “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.”
The product is supported by a panel of Lloyd’s of London and London market A+ rated insurers, with a standard capacity of $50 million, and higher limits possible on a case-by-case basis.
Port blockages are an increasing concern for businesses operating in the maritime space. Disruptions can have significant impacts on global supply chains and cause significant loss of revenue.
The facility’s terms can be tailored to meet the specific needs of individual clients, allowing coverage to be targeted at particular risk exposures and operational requirements.
