Bermuda-based insurer Mosaic Insurance Holdings Ltd. said on Wednesday it has launched global capacity of $65 million in arbitration award default insurance, which compensates parties against breaches of investment treaties or contractual obligations by sovereign states.
Arbitration award default insurance protects a claimant against the failure of the defendant state to pay an award made against them. Mosaic offers both pre-award and post-award coverage, with a capacity of $65 million per risk and a five-year term for insureds, with provisions for extension on a case-by-case basis, Mosaic said in a statement. with.
Mosaic’s political risk division also provides political risk/contract frustration and credit risk coverage globally, as well as coverage for transaction liability, cyber, political violence, environmental liability, financial institutions and professional liability, the statement said .
