Amid Heightened Supply Chain Risks, New Port Blockage Insurance Offered

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Catastrophic weather, geopolitical turmoil, worker labor strikes and more. With the list of “once in a lifetime” events continuing to grow, a leading international insurer has introduced coverage for shipping ports and terminals affected by chaos.

With coverage up to $50 million per incident, the business interruption insurance by Lloyd’s underwriter Tokio Marine Kiln and professional services firm Marsh comes after marine companies suffered losses from recent pirate attacks in the Red Sea and the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore.

Commenting on the launch, Louise Nevill, CEO, UK Marine, Marsh Specialty, said: “Port blockages around the world are increasing with frequency and severity, and are resulting in debilitating consequences for businesses involved in international trade. As global trade continues to expand, this new facility offers clients a rapidly available layer of insurance cover to protect operations and recovery in the event of port and terminal disruptions.”

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