Willis launches $200 million cargo facility with Markel

By Navneeta Nandan

July 8 - (The Insurer) - Willis has launched a $200 million facility to cover the geopolitical exposures faced by cargo owners, the company said on Tuesday.

The facility, known as Undercover, has been launched as a joint proposition with Markel.

Willis said the facility offers cargo, war on land, terrorism, political violence and confiscation coverage, with sections of coverage selected based on client needs.

The single-facility approach will reduce coverage gaps, claims disputes and the need to establish the motivation for a claim, Willis said.

It added that the facility will also protect against fluctuating insurance costs when country risk ratings change.

This facility adds to recent increases in cargo market capacity, which Gallagher said last November had driven a surprising degree of market softening. Increases included Liberty Specialty Markets' Project Cargo Consortium upping capacity to $225 million in 2025.