Lloyd’s Insurer Ascot Resumes Cargo Insurance Quotations for Black Sea Grain Shipments

Lloyd’s of London insurer Ascot is quoting again for its Black Sea Grain Corridor cargo insurance facility after Russia’s announcement, the facility’s lead underwriter said Wednesday. resume participation with an accord.

“Following today’s news, the Ascott-led ‘AS ONE’ facility is issuing quotes again, effective immediately, and already issued quotes this morning,” Chris McGill told Reuters by email.

Ascot said on Monday hung the cover after Moscow suspended its participation in a UN-brokered grain export deal on Saturday.

Other insurers also offer cover through Ascott’s facilities, including broker Marsh.

Vessels entering the three Ukrainian ports that are part of the UN-backed agreement are typically required by banks to take out various insurance policies, including hull and cargo war coverage, which are renewed every seven days.

Other underwriters have also resumed offering cargo coverage for grain shipments, two sources in the insurance industry said. Temporarily closed this week. A hull cover was quoted, although it was unclear if it was insured due to uncertainty.

“More (underwriters) will come back now that the inspection process has recovered,” one source said.

Moscow has announced a sudden reversal after Turkey and the United Nations helped keep grain flowing in Ukraine for several days without Russia’s participation in inspections.

(Reporting by Carolyn Cohn and Jonathan Saul; Editing by Louise Heavens and Tomasz Janowski)

Photo: The crew of the cargo ship Med Island, which has arrived with grain from Ukraine, prepares for inspection by UN officials while it is anchored in the Sea of ​​Marmara in Istanbul, Turkey, October 1, 2022. . Photo Credit: AP Photo/Khalil Hamra, File.

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