Marsh launches insurance facility for assets in transit and commodity expropriation

Marsh has launched an insurance facility providing up to $100 million of cover per risk for plant, equipment and inventories located in foreign countries and territorial waters or while in transit between sites.
The Mobile Asset and Commodity Expropriation (MACE) insurance facility is available globally, a Marsh release says.
It offers protection against abandonment, deprivation, expropriation, riot, strike, civil commotion, sabotage, terrorism, malicious damage, war and civil war, revolution, rebellion, insurrection and hostile act by a belligerent power.
It can also be extended to cover third party blockade or quarantine and business interruption covering gross profit, revenue, gross earnings, loss of rental income, extra expenses and increased cost of working.
The product has no minimum premium requirement and has non-cancellable policy terms of up to three years. The facility is placed in Lloyd’s and the company market, co-led by two Lloyd’s syndicates.