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Broadening the scope of their Unity insurance facility which provides war risk insurance at a reduced cost for Ukrainian grain shipments and other food supplies, backers of the programme announced on 1 March 2024 that Unity now includes war risk insurance coverage for ships carrying all non-military cargo, including leading export products for Ukraine such as iron ore, steel, electrical equipment, and animal fodder.
The Unity insurance facility, a public-private partnership between Marsh McLennan, Lloyd’s of London, and the Ukrainian government first initiated in November 2023, offers USD 50 million in hull and separate protection & indemnity (P&I) war risk insurance at significantly reduced premiums compared to standard market pricing. Unity is available to clients of all Lloyd’s registered brokers.
Standby letters of credit issued by state-owned Ukrainian banks, Ukreximbank and Ukrgasbank, and confirmed by DZ Bank of Germany provide “a first loss compensation fund to shipowners and charterers which is supported by the Government of Ukraine”, according to a Marsh McLennan press release announcing the deal.