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Highlights

  • New global USD200 million insurance facility launched by Willis and Markel
  • Covers cargo, war on land, terrorism, political violence, and confiscation
  • Aims to minimize claims disputes by removing need to prove motivation
  • Offers stability against fluctuating premiums due to shifting country risk ratings
  • Designed to simplify protection for global cargo owners in volatile environments

Willis, a WTW business (NASDAQ: WTW), has introduced Undercover, a groundbreaking USD200 million insurance facility tailored to the evolving needs of global cargo owners facing rising geopolitical risks. Developed in partnership with specialist insurer Markel (NYSE: MKL), this facility offers comprehensive protection against a range of perils including war on land, terrorism, political violence, and cargo confiscation.

Unlike traditional coverage models, Undercover allows clients to select specific protections according to their operational exposures while eliminating common gaps in coverage. A key innovation is the removal of the requirement to determine a claim’s motive, which often complicates and delays the resolution process. The structure also guards cargo owners from cost volatility driven by shifts in country risk ratings, an increasingly common challenge for companies operating in unstable regions.

Ben Abraham, Global CEO of Willis Marine, emphasized the solution’s timely relevance. “In a period of heightened geopolitical risk, cargo owners face enormous uncertainty in fast changing situations. 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.”

Brook Styles, Head of Cargo at Markel International, added, “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.”

The Undercover solution draws on the extensive expertise of both partners. Willis traces its marine insurance history back to 1828 and now operates with over 650 marine risk specialists globally, including more than 200 experts focused solely on cargo. Markel, known for its deep specialization in complex insurance needs, brings tailored underwriting capabilities and long-standing broker relationships to the venture.

By simplifying risk management in volatile environments, Undercover delivers a high level of certainty and operational continuity for cargo stakeholders worldwide.