Dubai, UAE – DP World has announced the launch of a new war risk insurance scheme. This move aims to support companies operating in the trade and logistics sector, helping them cope with the increasing disruptions affecting trade routes in the Middle East region.
Comprehensive supply chain coverage
The new solution comes in response to the challenges facing the traditional insurance sector, including rising costs and difficulty in obtaining adequate coverage.
Therefore, the group has developed a system that provides comprehensive insurance protection extending across all stages of the supply chain.
This protection begins with sea or air freight, continues through port warehousing, and finally reaches land transport and delivery.
The group emphasized that the system fills the gaps left by traditional insurance policies, which often only cover one stage of a shipment’s journey.
Competitive prices and extended protection
DP World leveraged its network of relationships with global insurance markets to offer exclusive rates.
These rates are lower than traditional war risk insurance premiums, giving companies a cost advantage and enhancing business continuity.
Yuvraj Narayan stated that the new solution was developed in response to real challenges facing global trade.
He emphasized that supply chains don’t end at ports, and therefore, insurance coverage must extend throughout the entire shipment route.
Protection of vital corridors
The scheme provides coverage against losses and damages related to wars, conflicts, civil unrest, and expropriation. It also offers settlement of eligible claims without additional deductions.
The program targets companies operating in or through the Middle East, with a particular focus on vital waterways such as the Arabian Gulf, the Red Sea, and their associated land routes.
High coverage limits
The program includes a variety of insurance options, covering shipments from origin to final delivery. It also features separate policies for sea, air, and land transport.
Additionally, there is automatic coverage for port storage for up to 14 days.
Coverage limits reach up to $400 million per shipment and $1 million per land transport operation.
This enhance companies’ resilience and ability to adapt to operational changes and security challenges in the region.
