Mega insurance facility launched in wake of Port of Baltimore incident
Insurance broker Marsh has launched a $50 million port blockage insurance facility amid heightened supply chain risks.
THE FACILITY is said to be the first of its kind 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.
It is 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.
