Lloyd’s can become an insurer of grain exports from the ports of Ukraine

Lloyd’s of London is currently negotiating with the UN regarding the insurance of grain shipments from Ukrainian ports in the Black Sea.

“Can we continue to provide assurances in case the grain corridor can be reactivated and can be restored? The answer is yes. We are in active discussions with the UN about how this can happen. In the absence of UN intervention and UN authorization, we would not have authorized the insurance,” said Lloyd’s CEO John Neal, Reuters writes.

According to him, it is possible that insurance coverage will need to be structured differently than before. Ensuring insurance is of crucial importance for goods exported from Ukraine.

We will remind that on August 16, the Joseph Schulte container ship left the port of Odesa. It became the first civilian vessel to use the temporary transport corridor opened after Russia’s withdrawal from the Grain Agreement.

As previously reported by USM, in August 2023 it became known that Ukraine is finalizing the development of an agreement with global insurers regarding the insurance of vessels going to/from Ukrainian ports on the Black Sea.