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Insurance Facility News

02 Oct 2023

Freight Rates for Grain Exports via New Black Sea Route Fall Sharply, Ukraine Says

Credit: Андрій Данилюк/AdobeStock

A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine's farm minister said on Monday.Kyiv launched what it calls a temporary humanitarian corridor in August to allow agricultural exports as an alternative arrangement after Russia blocked the U.N.-backed Black Sea grain deal that had been in place for a year.Three more cargo ships left Ukrainian seaports on Sunday, while five new vessels came in for loading. "New vessels are coming.

26 Sep 2023

Ship Insurance Facility Set Up for Ukraine Grain Exports

© glebzter / Adobe Stock

A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday.Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports.Since then, Kyiv has launched what it calls a new temporary humanitarian corridor in an effort to break Russia's de facto blockade. Two ships have sailed in the recent days from the Ukrainian…

15 Mar 2023

Can Ukraine's Grain Corridor Ease the Global Food Crisis?

© Aleksandr Lesik / Adobe Stock

Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine's Black Sea ports should be renewed for just 60 days.The deal to free up grain exports from Ukraine's southern Black Sea ports, which expires later this month, has previously been renewed for 120 days and there are concerns a shorter extension could cause logistical issues.Reached in July last year, it created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine…

10 Nov 2022

Can Ukraine's Grain Deal Ease the Global Food Crisis?

©Elena/AdobeStock

A deal to free-up vital grain exports from Ukraine expires on Nov. 19, and intense negotiations over the next few days will determine whether it is extended and possibly even expanded to help ease concerns about global food security.The agreement, reached in July, created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine, a major producer of grains and oil seeds.Here are some of the issues:WHAT HAS BEEN EXPORTED?The pact created a safe shipping channel for exports from three ports in Ukraine.So far…

23 Aug 2022

Ascot, Marsh Insure Grain Ship from Ukraine's Black Sea Ports

© soleg / Adobe Stock

Broker Marsh and Lloyd's of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine's Black Sea ports under its new marine cargo and war insurance facility.Launched last month, it provides coverage up to $50 million for Ukrainian vital food supplies being shipped through safe corridors established by the newly signed Black Sea Treaty.The cover adds a big protection to the deal between Moscow and Kyiv at the end of July…

23 Jan 2019

Singapore Solidifies Maritime Hub Status

Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national war risks insurance facility which was launched in 2015 as part of efforts to develop Singapore as a comprehensive marine insurance hub.Available to members of Singapore Shipping Association’s (SSA) irrespective of the flag of the ship…

30 Apr 2014

New Maritime Cargo Insurance – 'Undercover'

Willis Group Holdings has launched a new insurance facility, called Undercover, to protect cargo in transit and in store against all types of political violence, terrorism and war risks, informs shipping trade association Maritime London. The global risk adviser, insurance and reinsurance broker says that, in recent years, cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded. Willis explains that traditional cargo insurance policies typically exclude certain losses, such as those arising from civil war, insurrection, rebellion and terrorism for goods in store.