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Lloyds Insurance prepares to cover Ukraine’s grain shipments



(Reuters) — Lloyd’s of London insurers and brokers are preparing to provide cover for grain shipments from Ukraine and are likely to announce their plans shortly, the commercial insurance market’s chairman said on Wednesday.

Russia and Ukraine signed an agreement on Friday, brokered by Turkey and the United Nations, to resume grain and fertilizer exports that have been blocked by war to ease an international food crisis.

“Following the agreement between Russia and Ukraine on grain exports, we are working quite hard with market players to make sure we can develop policies that can support that,” Bruce Carnegie-Brown told Reuters.

“We expect to see the announcement from brokers and underwriters of some products that will support this in the next few days.”

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Risks remain after a Russian missile attack on the Ukrainian port of Odesa, a day after the grain deal was signed.

“It is critical that the agreement holds,” Carnegie-Brown said. “A number of mines have already been planted in the Black Sea. Insurance companies can get around that, but they wouldn’t be able to get around serious breaches of contract.”

Premiums for entering the wider Black Sea area have risen sharply since the invasion, to as much as 5% of the vessel’s value from 0.025% before the invasion.


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