Ascot postpones writing new covers for Ukrainian shipments
A senior Ascott Group official said today that Lloyd’s of London insurers are suspending cover for new shipments using the Ukrainian grain corridor until they can better understand the situation, according to a Reuters report. It was made clear that there is
The report noted that Moscow said it was forced to withdraw from the Black Sea grain transport agreement after a Russian naval vessel was damaged in the Crimean port of Sevastopol on Saturday.
“Starting today, we are suspending quotes for new shipments until we have a better understanding of the situation,” Chris McGill, Ascott’s chief cargo officer, told Reuters. “Insurance already issued is still valid.”
read more: Grain insurance facility in Ukraine takes first place
Ascott and insurance brokerage giant Marsh launched a facility for grain traders in late July of this year, offering up to $50 million in cargo coverage per voyage. Reuters said the cargo facility had been used for a “significant proportion” of shipments so far.
“The shipments quoted last week are valid for seven days. “What we need to consider are the new shipments coming to market after the news.”
Reuters reports that international officials may impose another blockade on Ukrainian grain after Russia announced on Saturday that it would suspend its role in a UN-backed program to escort cargo ships transiting the Black Sea. He stressed that he had expressed his concerns.
Ascot postpones writing new covers for Ukrainian shipments
Source link Ascot postpones writing new covers for Ukrainian shipments