Paratus Maritime Insurance Limited on Tuesday (27 April) announced it has bound the world’s first insurance policies for shipping companies to protect their balance sheets against fuel price risk, as the industry recovers from Covid-19.
A number of individual placements, bound in partnership with our distribution partners at Gibson Shipbrokers and Price Forbes & Partners, has delivered cost effective and easy to use protection to shipping companies, some of whom were previously unable to access conventional hedging products from investment banks.
Looking to the immediate future, Paratus Maritime Insurance Limited has also obtained regulatory approval to indemnify freight price risk (for both ship owners and charterers) and intends to soon bind its first freight price policies.
Paratus’s parametric fuel price insurance products are providing a valuable risk management solution for industrial companies that consume large amounts of fuel, and are the first of their kind commercially available in the sector.
“Paratus is committed to providing innovative insurance solutions to protect our clients’ balance sheets from energy price risks,” Gus Majed, Group CEO and Founder of the Paratus Group of Companies.
“With the binding of the world’s first parametric fuel price insurance policies, we are proud to support our clients as they transition to cleaner energy, and as demand for fuel and freight rapidly rebound from the global pandemic.”
Photo credit: Ship photo
Published: 28 April, 2021
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