Markets/Coverages: WTW Launches Facility for Cargo and War-on-Land Risks in Ukraine

Insurance broker WTW announced a partnership with Ukrainian insurer, VUSO, to provide a London-market-backed facility covering cargo and, crucially, war-on-land risks.

This exclusive facility – which WTW describes as a market first – provides prearranged war insurance capacity, offers much needed certainty to Ukrainian and foreign enterprises alike, which are moving goods and products overland within the borders of Ukraine.

WTW’s partnership with VUSO is a development that directly addresses the complex challenges faced by local insurer partners. A year in the making, the London market facility is led by Lloyd’s syndicate Markel.

The facility is operational immediately and can be accessed via VUSO or WTW Ukraine.

“This facility complements our other cargo war offerings such as our Black Sea Grain facility and $300 million facility offering cover in the Red Sea and other high risk war areas,” commented Sam Warnes, director Marine Cargo, in a statement.

“We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine’s rebuilding efforts,” said Vyacheslav Andriyko, head of WTW Ukraine.

“VUSO offers a wide range of insurance products designed specifically to address the unique needs of businesses in providing protection against unforeseen situations, including war risks. This program will allow us to expand the range of offers for our corporate clients to protect their cargo from war risks,” according to Andrii Artiukhov, CEO at VUSO.

Source: WTW

Photograph: Cargo container terminal at Odessa, Ukraine in September 2020; photo credit: Bigstock