Lloyd’s gives green light to Covid-19 vaccine ins.
Tuesday, 07 28 2020, Category: Insurance and Reinsurance, Country: United Kingdom
Lloyd’s of London has approved a new insurance product to cover the storage and transportation of Covid-19 vaccines to emerging economies.
The insurer announced the creation of “Syndicate 1796” on 24 July, which will pool the resources of several underwriters to collectively insure all aspects of the risk associated with distributing the vaccine across low-income countries.
“Syndicate 1796” is Lloyd’s first-ever public-private insurance product to address a global health emergency.
“Lloyd’s has an important role to play in insuring the many risks associated with this global medical response,” said the CEO of Lloyd’s John Neal.
Private manufacturers, procurement agents, logistics companies, national health departments and other public-sector agencies supporting the distribution of Covid-19 vaccines will be eligible to apply for the insurance.