Insurance broker Marsh has introduced a $50 million insurance facility designed to mitigate the impacts of port blockages affecting global shipping operations. This new offering, supported by A+ rated insurers from Lloyd’s of London and the London market, aims to protect against revenue losses stemming from third-party incidents, such as vessel sinkings, impacts causing waterway closures, or natural disasters.
The launch follows significant disruptions at the Port of Baltimore due to the collapse of the Francis Scott Key Bridge. The facility can be acquired independently or as an addition to existing policies, and it provides an essential safety net for businesses affected by port and terminal interruptions.
Louise Nevill, CEO of UK Marine at Marsh Specialty, highlighted the growing frequency and severity of port blockages and emphasized that the facility provides a crucial insurance layer for companies involved in international trade, offering rapid coverage to safeguard operations and recovery.
