Marine insurance have predictably gone through changes in response to the outbreak of the COVID-19 pandemic. As a general rule we have seen underwriters amend the scope of their affected insurances, often limiting or excluding any incidents relating to the novel Coronavirus.
We have access to a new cover, on Lloyd’s security, which specifically covers delays or disruption caused by COVID-19 related restrictions on a specific voyage basis. The voyage cover is normally limited to 30 days, and initially targeting tonnage carrying oil and gas cargoes.
We know this has been a concern for several of our clients, and hope this can be a useful remedy. We are pleased to add this to our product portfolio.