An insurance scheme has been finalised to cover Ukrainian grain shipments, with the deal getting the support of the Lloyd’s of London market.

Lloyd’s of London insurer Ascot and broker Marsh are heading a dedicated facility that includes 10 other insurers. Up to $50m of cover will be provided for each ship carrying Ukrainian grain.

Patrick Tiernan, chief of markets at Lloyd’s, said the facility will “add essential protections to the deal brokered by the United Nations last week and represents the latest support from Lloyd’s and the insurance industry to help the international community respond to the conflict”.