Ascot Group and Marsh said that the insurance will provide up to $50 million of cover for the policyholder under a new marine cargo and war facility launched in July. The policyholder has not been identified.
The insurance agreement was drawn up after a treaty was reached between Ukraine and Russia at the end of July, brokered by the UN and Turkey. The move resulted in three Black Sea ports being opened for grain exports.
"Cargo and war insurance will play a pivotal role in the broader resumption of grain and other vital food exports from Ukraine's Black Sea ports," David Roe, head of U.K. cargo at Marsh, said.
"By making the facility available to the clients of Lloyd's of London registered brokers, it is our hope that we can all work together to support international efforts and help ensure Ukrainian grain reaches the world's most vulnerable people during this terrible time of conflict," he added.
The deal between Kyiv and Moscow last month meant that grain exports from three Ukraine ports — Odesa, Chornomorsk and Yuzhne — were allowed to resume. An earlier blockade by the Russian navy in the Black Sea region had raised concerns about global food shortages, particularly in the world's poorest regions, which rely on exports from the country.
Marsh and Ascot said that the insurance — a type of pre-packaged policy — would enable shipowners carrying grain to "have reliable and readily available coverage in place for their export voyages." The cover was announced in July, and Ascot said that it had attracted interest from policyholders.
"Since its launch we have seen significant demand for the product from a number of clients and brokers," Chris McGill, head of cargo at Ascot, said.
--Editing by Ed Harris.
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