UK Ascot Suspends Cargo Insurance As Part Of Grain Deal
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British insurer Ascot is suspending insurance coverage for new shipments through the Black Sea grain corridor until it has more clarity on the situation. About this agency Reuters said the top manager of the company.
“Starting today, we are suspending quotations for new shipments until we better understand the situation,” said Chris McGill, head of Ascot freight operations. “Insurance that has already been issued is still valid,” he said.
Ascot and broker Marsh launched a program for grain traders at the end of July, which provides cargo insurance for up to $50 million for each flight.
“Any deliveries that were listed last week are valid for seven days. However, last week we saw a decline in the number of applications,” – also said the representative of Ascot.
The Black Sea Grain Initiative (“grain deal” or “food deal”) was formalized in Istanbul on July 22. It envisaged the opening of Odessa ports for the export of Ukrainian grain and the lifting of sanctions that affected the supply of food and fertilizers from Russia.
Russia announced the suspension of participation in the grain deal after attacks to the Sevastopol Bay, which she accused Ukraine of. Today, 31 October, the UN Representative at the Joint Coordinating Center in Istanbul reported on the passage of 12 loaded ships from Ukraine along the Black Sea corridor. Previously, the movement of ships along the “grain corridor” on this day agreed UN, Turkey and Ukraine.
Read about the consequences of the attack in the publication “Kommersant” “Suspend on Demand”.
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