Mosaic offers arbitration award default insurance

Bermuda-based insurer Mosaic Insurance Holdings Ltd. Wednesday said 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 a respondent state’s failure to pay an award rendered against them. Mosaic offers both pre-award and post-award coverages, with capacity of $65 million per risk and term provisions of five years for insureds, with extensions on a case-by-case basis, Mosaic said in a statement.

Mosaic’s political risk division also offers political risk/contract frustration and credit risk coverage globally, as well as coverages for transactional liability, cyber, political violence, environmental liability, financial institutions and professional liability, the statement said.