|
DP World, a Dubai-based multinational logistics company, has launched a cargo war risk insurance solution aimed at helping businesses manage disruptions across West Asia trade routes.
The company called it a first-of-its-kind solution designed to provide continuous protection across the supply chain at a time when traditional war risk insurance has become costly, fragmented and in some cases unavailable. According to the company, the insurance solution covers the entire cargo journey, from ocean or air transit to port storage and inland delivery. This addresses major gaps left by conventional insurance policies, which usually cover only one part of the transportation chain. Yuvraj Narayan, Group CEO, DP World said the initiative is aimed at solving immediate challenges facing global trade and supply chains amid rising geopolitical risks. "This is about solving a real, immediate problem for global trade," Narayan said. "Supply chains don't stop at the port or the shoreline, and neither should insurance. For the first time, cargo owners can access a single policy that protects goods across the entire journey, even in high-risk environments, helping keep trade moving when it matters most," he added. The programme provides coverage for physical loss or damage caused by war-related risks including conflict, civil unrest, seizure and derelict weapons. The company also said all valid claims under the policy would be settled with zero deductible. The insurance solution is available for all companies trading in or through the Middle East and is intended to support uninterrupted trade movement across key corridors including the Arabian Gulf, the Red Sea and nearby inland transport routes. According to DP World, the programme offers multiple flexible options to businesses. These include complete end-to-end protection covering ocean or air transit up to inland delivery, as well as standalone ocean, air or land transit policies. The solution also includes automatic port storage cover for up to 14 days. DP World stated that the programme offers high coverage limits, including up to USD 400 million per shipment and up to USD 1 million per inland movement. The company said this flexibility allows cargo owners to quickly adjust to changing trade routes and operational conditions in volatile environments. The launch comes at a time when businesses and shipping companies are facing growing uncertainty across major Middle East trade routes due to geopolitical tensions and supply chain disruptions due to ongoing conflict between US and Iran. DP World operates a large international network of ports, terminals and logistics infrastructure and plays a significant role in facilitating global trade and cargo movement across multiple countries. (ANI)
|
