International Insurance broker Aon has launched a fuel insurance solution designed to help companies hedge against rising bunker costs.
Backed by AAA-rated credit insurance, the coverage will be activated if the cost of fuel rises and exceeds an agreed limit. The policy will cover the difference between the agreed price and the higher price, paid out monthly, to help companies manage their fuel cost exposure and avoid significant spikes in market price.
Aon claims the product can provide a valuable solution to companies that consume large amounts of fuel, including marine, aviation, construction, mining and energy, and is one of the first of its kind commercially available in the sector.
Chris Bhatt, Global Head of Sales, Marine, Aon, said: “Aon is committed to identifying, understanding and developing innovative solutions to meet our clients’ evolving needs. With the launch of this solution, we are pleased to support our clients as they navigate an increasingly complex commercial environment and address long-tail risks to promote corporate resiliency and sustainability.”
Source:hongkongmaritimehub
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