Lloyd's of London insurer Ascot says resumes Black Sea grain cover (updated)
02/11/2022 15:13
(Adds further comment, detail)
LONDON, Nov 2 (Reuters) - Lloyd's of London insurer
Ascot is once again quoting on its cargo insurance facility for
the Black Sea grain corridor, the facility's lead underwriter
said on Wednesday after Russia announced it would resume its
participation in the accord.
"In response to today’s news, the Ascot-led ‘AsOne’ facility
is quoting again, effective immediately, and we have already
issued quotes this morning," Chris McGill told Reuters by email.
Ascot said on Monday it was suspending the cover after
Moscow suspended its participation in the U.N.-brokered grains
export deal on Saturday.
Other insurers also provide cover through the Ascot
facility, which also includes broker Marsh.
Ships entering the three Ukrainian ports that have been part
of the UN-backed agreement, are usually required by their banks
to have various insurance policies in place including hull and
cargo war cover, which is renewed every seven days.
Two insurance industry sources said other underwriters had
also resumed offering cargo cover for grains shipments, which
had been temporarily paused this week. Hull cover had been
quoted although it was unclear if any insurance was taken due to
the uncertainty. urn:newsml:reuters.com:*:nL1N31X1LD
"Now that the inspection process is restored we will see
more (underwriters) coming back," one source said.
Moscow announced the sudden reversal after Turkey and the
United Nations helped keep Ukrainian grain flowing for several
days without Russian participation in inspections. L1N31X2ML
(Reporting by Carolyn Cohn and Jonathan Saul, Editing by Louise
Heavens and Tomasz Janowski)
((carolyn.cohn@thomsonreuters.com; 44 207 513 4391;))