Marsh launched a $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 US$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.