Lloyd's of London will continue to insure "grain corridor" cargo in 2023 without raising rates
The Lloyd's of London company said that the cargo insurance program, which provides coverage for deliveries through the Ukrainian "grain corridor", will be extended next year without raising rates.
It is reported that banks usually require shipowners calling at Ukrainian ports to have various insurance policies, including hull and cargo insurance, which is renewed every seven days.
In the coming year, due to conflict, natural disasters and high inflation, tariffs for military and other types of insurance are expected to rise sharply around the world.
"The AsOne facility in the Black Sea will continue uninterrupted with no planned upgrades," Ascot's head of cargo Chris McGill said.
It is noted that aviation and marine insurers are concerned that reinsurers who insure insurers will exclude the entire region of Ukraine, Russia and Belarus when the reinsurance contracts come up on January 1.
But McGill said the cargo insurance program was designed so that insurers participating in the program share risk without requiring reinsurance