The new facility, branded Undercover, combines multiple risk exposures into a single facility, allowing cargo owners to tailor cover for geopolitical perils such as war on land, terrorism, political violence, and confiscation.
Willis has partnered with Markel to launch a $200m insurance facility aimed at protecting cargo owners from escalating geopolitical uncertainty.
The new facility, branded Undercover, is described as a market-first solution designed to simplify and strengthen cover for geopolitical perils such as war on land, terrorism, political violence, and confiscation.
The product combines multiple risk exposures into a single facility, allowing cargo owners to tailor cover to their needs while minimising potential coverage gaps or disputes over claims.
It removes the requirement to establish the motivation behind a loss — a key cause of ambiguity in traditional policies — and stabilises costs even as country risk ratings shift.
Ben Abraham, global CEO of Willis Marine, said the launch came at a critical time.
“In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations,” he said.
“This innovative solution is the first that offers a clear, comprehensive approach to cover, offering the maximum certainty exactly when it’s needed and when the worst happens.”
Willis, a WTW business, developed the product jointly with specialist insurer Markel, with both firms aiming to support cargo clients navigating increasingly volatile supply chains.
Brook Styles, head of cargo at Markel International, said: “The transportation of goods is highly sensitive to geopolitical uncertainty, which has the potential to disrupt trade routes, increase operating costs and put pressure on the resilience of global supply chains.
“We’re therefore pleased to have launched this new product, which provides support to cargo owners by helping them navigate today’s complex geopolitical risk environment with added confidence, clarity and simplicity.”
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