Managing general agent (MGA) ADVA Underwriting has announced the launch of a new marine initiative that covers ship owners, managers, cargo owners, and charterers from various marine risks like war and piracy.
This initiative complements the existing marine offering from the firm, as well as broadening its support to brokers and their marine clients. Under the proposition, ADVA will underwrite lines of up to $150 million including for voyages to and from designated war risks exclusion zones.
With tensions rising and in full force in some regions across the world, the importance of war risks insurance has been thrust into the spotlight in recent times.
“The introduction of a facility for marine war risks targets an important area that will ensure we continue to support our brokers and clients, and we now have the ideal platform for realising that ambition,” said Harj Sandhu, co-founder of ADVA.
Elsewhere in the sector, a top UN official is hoping for a breakthrough after months of efforts with insurance giant Lloyd’s to ensure that Russian food and fertilizer can be shipped to developing countries struggling with high prices.
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