Lloyd & # 39 ;s of London on Wednesday said it has given preliminary approval to a syndicate that will offer coverage for COVID-19 vaccine shipments.
The syndicate 1796 will act as a "syndicate in a box", which does not require a physical presence on Lloyd & # 39 ;s. It was developed by the technology company Parsyl Inc., and it will be managed by Ascot Underwriting Ltd., says a Lloyds statement.
"The syndicate forms the basis of Lloyd & # 39 ;s new Global Health Risk Facility, which aims to provide comprehensive insurance and risk reduction services to support the manufacture and distribution of COVID-19 vaccine development efforts," the statement said.
The facility, which is expected to begin operations on October 1
Lloyd & # 39 ;s did not respond to a request for information about policy boundaries.
Other companies involved in the project include Axa XL, a unit of Axa SA, brokers McGill and Partners, and Gavi, a public-private partnership that provides vaccination resources.
More insurance and risk management news about the coronavirus crisis here . Catalog