Marine insurance solution made possible by tapping tech firm partner
By Terry Gangcuangco
Sep 27, 2023 ShareLondon-headquartered (re)insurance broker Miller has partnered with technology company Clearwater Dynamics (CWD) to offer full war risks insurance to vessels shipping Ukrainian grain.
In conjunction with authorities in Ukraine, the partnership will allow the provision of cover for merchant ships operating in the Black Sea. Capacity will be provided by Lloyd’s and A-rated London market insurers.
In its announcement, Miller said: “The [marine] solution utilises CWD’s technology to enable advanced vessel tracking combined with 24/7 operations room monitoring and vessel reporting in the grain corridor, both while in transit and with continued support while in port and until vessels exit the high-risk area.
“This gives another layer of security to insurers and underwriters with live oversight of all vessels in the area, as well as the ability to monitor their exposures in real time.”
Read more: Insurance scheme on the horizon for grain ships plying the Black Sea into and out of Ukraine
Admiral Sir Trevor Soar, advisor to the CWD board, said the tie-up will help enable safer passage of vessels from Ukraine by enhancing confidence in the knowledge that they are being actively monitored while operating in a war-risk space, in turn facilitating movement of grain amid a growing humanitarian need for grain export.
“Insurance has a critical role to play in enabling the shipping of Ukrainian grain, and we are proud to have been able to play a role in providing an industry-wide solution,” commented Miller direct marine head Nick Summers. “Working closely with Clearwater Dynamics, we have been able to show the huge real-world impact that insurance can have by combining technology with deep sector expertise.
“By using CWD technology and operational support, we can give underwriters the information they need to insure vessels as they travel through the corridor. We are open to all enquiries and look forward to helping Ukraine resume the vital international shipping of its grain.”
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