Willis, a WTW business, has launched ‘Undercover,’ a new $200 million facility, combining coverage for a range of geopolitical exposures faced by cargo owners worldwide.
Developed by Willis in a joint proposition with specialist insurer, Markel, Undercover offers a unique approach to the risk transfer of cargo, war on land, terrorism, political violence and confiscation coverage, with sections of coverage selected based on the individual needs of the client. This single-facility approach minimizes coverage gaps and reduces the likelihood of claims disputes, as well as, removing the need to establish the motivation for a claim.
In challenging times of political instability, Undercover offers certainty of cover to cargo owners. It also provides protection from fluctuating insurance costs when country risk ratings change, as cargo cover is frequently provided on a global basis.
“In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations,” commented Ben Abraham, global CEO, Willis Marine, in a statement. “This innovative solution is the first that offers a clear, comprehensive approach to cover, offering the maximum certainty exactly when it’s needed and when the worst happens.”
“The transportation of goods is highly sensitive to geopolitical uncertainty, which has the potential to disrupt trade routes, increase operating costs and put pressure on the resilience of global supply chains,” said Brook Styles, head of Cargo, Markel International. “We’re therefore pleased to have launched this new product, which provides support to cargo owners by helping them navigate today’s complex geopolitical risk environment with added confidence, clarity and simplicity.”
Willis is one of the oldest names in marine insurance having commenced as a marine broker in 1828. The broker’s Global Marine team has 650-plus marine risk and insurance specialists who work to address the needs of the marine sector through innovative risk advice and customized solutions. Willis’ Global Marine unit employs 200-plus cargo insurance experts.
Source: Willis
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