Ever since the cases of piracy attacks on ships have been steadily increasing, and have meanwhile expanded to various regions throughout the entire world, a market has developed in which the insurers of such risks can offer the operator or owner of a vessel specially customised insurance packages that are not limited to exclusively covering payment of the ransom – in a worst case scenario.
- Besides the payment of the ransom, just one or two further examples of what is insured in addition are mentioned here:
- Loss of the ransom on the way to handing it over
- The costs and outlays for a crisis management consultant
- Legal advice and medical fees for up to 24 months after the abduction
- Costs of convalescence and rehabilitation of an insured person for a period of up to 6 months of release
- Interest accrued for loans that the policyholder had to take out in order to advance the payment of the insured ransom
- Any other expenses incurred by the policyholder or insured person, as long as the insurer agrees
It is possible to provide cover for individual voyages, but also in the form of annual cover for this type of insurance. Furthermore, only individual vessels from fleets can be insured, if required, if the requirement for insurance cover does not concern the entire fleet. It is likewise possible to insure multiple calls at ports in a particular region for a vessel and/or fleets of vessels (so-called “block deals”). Depending upon the danger level applying to the region in question, the premium is negotiated by the insurance broker with the K&R insurer.
The team of HMB Hamburg Marine Insurance Brokers GmbH will be pleased to be of service to you at any time to prepare a non-binding offer.
You need more information?
Please contact us, we are looking forward to seeing you!