The conveyor belt of shocks that have hit global trade since 2020 has inspired a new $50m insurance facility to cover loss of business for ports and terminals.
The policy is seen as an addition to traditional port insurance designed to address the knock-on impact of disruption from major weather events and political crises that change shipping patterns.
The policy, developed by Marsh and Tokio Marine Kiln, seeks to address the gap in regular port cover that relies on physical damage or barriers to entry to justify payouts.
