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Ships hauling Ukrainian grain may be insured for up to USD 50m

The British insurance sector has launched an initiative that will enable ships with Ukrainian grain cargoes to be insured on their trip through the Black Sea.

Black Sea port Chornomorsk will be one of the harbors from where Ukrainian grain will be shipped. | Photo: Ukrainian Presidential Press Service/Reuters/Ritzau Scanpix

British insurer Ascot and insurance broker Marsh have joined forces on a special maritime war insurance scheme for ships hauling grain and other foods out of Ukrainian ports through a humanitarian corridor in the Black Sea.

The scheme entails up to USD 50m in coverage, with the two firms saying it will remove a significant obstacle in the attempt to resume grain exports out of Ukraine.

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