Marsh introduces insurance facility for port blockages

Marsh LLC on Tuesday launched an insurance facility providing $50 million of capacity to shipping ports and terminals globally if their operations are disrupted by port blockages.

The facility is designed to provide Marsh clients with cover for loss of revenue caused by third-party accidents such as a vessel sinking in a channel, a vessel impact resulting in a waterway closure, or a natural catastrophe.

It was created following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore. Coverage can be purchased independently or used to supplement existing cover and wordings can be customized to meet the needs of individual clients.

The facility is backed by a panel of A+ rated Lloyd’s of London and London market insurers, and higher limits are available on a case-by-case basis.