Miller (re)insurance broker, Clearwater Dynamics (CWD) and the Ukrainian Authorities, have joined forces to offer full War Risks insurance coverage for vessels operating in the Black Sea.
ccording to Miller, the solution utilises CWD’s technology to enable advanced vessel tracking combined with 24/7 operations room monitoring and vessel reporting in the grain corridor, both while in transit and with continued support whilst in port and until vessels exit the high-risk area.
This gives a layer of security to insurers and underwriters with live oversight of all vessels in the area, as well as the ability to monitor their exposures in real time. The solution will be backed by Lloyd’s and A-rated London market insurers who will provide insurance capacity to cover the policies in full.
Nick Summers, Head of Direct Marine at Miller, explained that insurance has a critical role to play in enabling the shipping of Ukrainian grain and also expressed that they are proud to have been able to play a role in providing an industry-wide solution.
By using CWD technology and operational support, we can give underwriters the information they need to insure vessels as they travel through the corridor. We are open to all enquiries and look forward to helping Ukraine resume the vital international shipping of its grain.
… supplied Nick Summers, Head of Direct Marine at Miller
Furthermore, Admiral Sir Trevor Soar, Advisor to the CWD Board, expressed also the idea that by substantially enhancing confidence in the knowledge that vessels are being actively monitored whilst operating in a War-Risk area, this partnership will help enable safer passage of merchant ships from Ukraine and facilitate movement of grain to support a growing humanitarian need for grain export.
To remind, Ukraine has also established a temporary corridor to facilitate the export of a substantial amount of agricultural products and iron ore, to ensure secure transits after the expiration of the Black Sea Grain Initiative.