Beazley is offering owners of ships sailing in troubled waters the option to buy one policy covering war risks and piracy.
Beazley has claimed that the combined product is the first of its kind in the Lloyd’s market and is available from Beazley Syndicates 623 and 2623 with limits of up to $75m.
Insured ship owners and charterers will also gain access to experienced negotiators in the event that a vessel is captured and its crew or passengers are kidnapped.
Beazley kidnap and ransom underwriter Michael Sharp said: “Marine war risks and piracy risks frequently coexist in the same waters.
“Our clients and the brokers we work with have consistently told us that they wanted to be able to buy cover for both perils simply and conveniently under the same policy.”
According to the International Marine Bureau’s Piracy Reporting Centre, there have been 168 attacks worldwide in 2012 so far, 67 of which occurred in the waters off Somalia.
Last year, Beazley provided war risks cover for more than 10 000 vessels traversing war zones. More recently, Beazley and other Lloyd’s insurers have provided significant cover against piracy risks in the Gulf of Aden and other high risk areas.
This article was posted by Neptune Maritime Security via postonline.co.uk. MaritimeSecurity.Asia in cooperation with www.neptunemaritimesecurity.com
