The Ukrainian government is launching an insurance program with brokers Marsh McLennan and Lloyd’s to provide insurance coverage for grain vessels heading from Ukrainian deep-sea ports.
The country is launching a $50 million vessel insurance program against military risks, UkrAgroConsult reports with reference to Bloomberg.
The program aims to make it easier for shipowners to obtain coverage for the transportation of goods by sea from Ukraine. Although vessels continue to arrive at Ukrainian Black Sea ports, some shipowners are afraid of the risks after a recent missile strike that killed a sailor.
Marsh McLennan said the program will be supported by Lloyd’s insurers. It will “provide affordable insurance to support exports of grain and other important food commodities worldwide from Ukraine’s Black Sea ports.” Marsh McLennan provides comprehensive and separate military risk protection and insurance.
Ukraine has established a new temporary route from its ports after Russia withdrew from the “grain agreement“. Russia has threatened to treat any vessel bound for Ukraine as potentially carrying weapons. Nevertheless, since September, a steady stream of vessels has been delivering grain and metal from Ukraine worldwide.