Freight News, Sea

Insurers offer ports trade disruption cover

[ September 26, 2024   //   Chris Lewis ]

Marsh and Tokio Marine Kiln have launched an insurance facility for ports and terminals to cover against business interruption arising from trade disruption.

The standalone cover is global and offers capacity up to $50m for business interruption losses associated with trade disruption, such as geopolitical events or weather related incidents. It also covers loss of revenue caused by third-party accidents such as a vessel sinking in a channel or a vessel impact resulting in a waterway closure, or a natural catastrophe. They say that the package covers wider events beyond ports’ control that lead to ships being diverted.