Lloyd's to insure vessels with Ukrainian grain

Lloyd's of London, an insurance and reinsurance market located in London, United Kingdom, started signing insurance agreements for vessels that will export Ukrainian grain by the Black Sea as part of the Istanbul grain deal on July 27, UNIAN reports.

"Just this week we have been trying to develop a system of insurance for grain cargoes transported by sea. We worked with two or three different institutions to make it happen. And now the contracts are being signed," says John Neal, Lloyd's of London CEO.

John Neal stated that Lloyd's was convinced that the risks would be covered.

"We don't think it's not insurable. There's nothing suggesting that this cargo cannot be insured," he noted.

The insurance price is determined by a more "complicated" situation than usual, John Neal added.

The deal on unblocking Ukraine's maritime ports on the Black Sea was signed on 22 July in Istanbul.

Grain export from Ukraine as of July 27 totalled over 1.2 mln t, 47% down YoY.

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