New York | 20 August, 2024
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, today announced the launch of a first of its kind $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 cover. Available to Marsh clients globally, 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 is backed by a panel of Lloyd’s of London and London market A+ rated insurers, and offers capacity of $50 million, with higher limits being available on a case-by-case basis.
Port blockage is a growing concern for businesses operating in the maritime industry and can result in significant disruptions to global supply chains and loss of revenue. The facility’s wording can be customised to meet the specific needs of individual clients, meaning that coverage can be aligned to specific risk exposures and operational requirements.
Commenting on the launch, Louise Nevill, CEO, UK Marine, Marsh Specialty, said: “Port blockages around the world are increasing with 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.”
