Ascot has launched a marine cargo and war facility at Lloyd’s, which will be placed by Marsh. It will provide cover of up to approximately £40m for grain and food products moving through the safe corridors established by the recently agreed Black Sea Treaty between Russia and Ukraine.

Chris McGill, head of cargo at Ascot, said: “This bespoke, mission focused facility allows the insurance market to play its part in enabling the vital transportation of grain and food products out of Ukraine to the wider world. Under the terms of the treaty, ships can transit designated Ukrainian ports through safe access corridors.”

David Roe, head of cargo, UK and Marsh, added: “This facility is a major development in assisting our cargo clients to manage the risks associated with operating in the Black Sea during this terrible time of war. Not only will it help unlock supply chains, it will alleviate mounting pressures on global food security, which will benefit nations and communities around the world.”

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