Marsh has partnered with Tokio Marine Kiln to launch an exclusive insurance facility for ports and terminals that provides cover against business interruption arising from trade disruption.
The companies state that the product is the first of its kind available in the market, offering capacity up to US$50 million for trade disruption, such as the impact of geopolitical events and weather-related incidents.
Led by Ed Parker, Tokio Marine Kiln's head of special risks, it is available to Marsh clients globally.
With this offering, ports can now secure additional coverage in the event that wider events beyond their control divert ships away from or prevent them from sailing to their facilities.
The facility also provides additional cover for ports impacted by blockages, whether by sea or land, increasingly volatile weather events, or more severe hurricane and typhoon seasons, which have increased the risk of trade disruption from blocked access to ports.
Louise Nevill, CEO of UK Marine at Marsh Specialty, remarks: “This new facility offers our port and terminal clients a rapidly available layer of cover to protect their operations and facilitate an expeditious resumption of normal operations when these events occur.”
Parker adds: “We are delighted to work with Marsh to bring this product to market. Developing innovative solutions which reflect changing risks and which respond to client demand is core to the Tokio Marine Kiln approach and we look forward to working with Marsh and port businesses around the world to provide a much needed solution to the threat posed by trade disruption.”
