Marsh's $50m facility to tackle growing port issues

The facility is backed by insurers from Lloyd’s of London and the London market.

Insurance broker Marsh launched a $50m port blockage insurance facility, which targets shipping ports and terminals around the world.

The broker was prompted after the collapse of the Francis Scott Key Bridge and the resulting disruption at the Port of Baltimore.

The new insurance facility can be purchased independently or as a supplement to existing coverage. It provides protection against loss of revenue caused by third-party accidents, such as a vessel sinking in a channel, a vessel impact leading to waterway closure, or natural catastrophes. 

The facility is backed by A+ rated insurers from Lloyd’s of London and the London market, offering a capacity of $50m, with the possibility of higher limits on a case-by-case basis.

“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.” Louise Nevill, CEO, UK Marine, Marsh Specialty, said.