It turns out that several UK insurance companies are interested in underwriting ship insurance following an agreement to resume grain exports from Ukraine. Industry sources have revealed.
Russia and Ukraine signed an agreement on the 22nd to resume exports of grains residing in Ukraine.
Securing vessels and insurance will be a very important part of the future process.
The actual shipment is expected to be several weeks away, but an executive at the Lloyd's Insurance Association in the UK said, "There are multiple underwriters and one or two brokers who are willing to underwrite insurance. A consortium may be formed." Stated.
The London War Insurance Rate Commission (a joint body of Lloyd's Insurers and the London Insurers Association) has designated the waters around Ukraine as high-risk areas and requires insurance company approval to navigate.
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