A marine piracy kidnap and ransom policy covers vessels transiting through the Indian Ocean, Gulf of Guinea, and South East Asia high risk areas.
The policy provides not only the valuable financial protection by covering the ransom payment (via reimbursement) and all related expenses of a hijacking situation, but more importantly it provides the services of internationally renowned experts in the field of marine piracy kidnap and ransom.
Our dedicated and experienced marine piracy brokers ensure that our clients have a piracy policy that is best suited to their needs.
Working with the most established insurers with the most comprehensive wordings, competitive pricing, and, critically the most experienced response companies in the field of maritime response, provides our clients with peace of mind.
WHAT WE DO
In the event of an incident, we work with the response consultants to understand the nature of your loss so that we can subsequently negotiate with the insurer to obtain the best possible claims settlement by leveraging our superior product knowledge, insurer relationships, and claims experience.
An effective insurance program includes:
- Ransom reimbursement and loss of ransom money
- Unlimited access to experienced response consultants in the event of an incident
- Legal liability costs: settlements and legal fees
- Loss of hire including any contractual penalties due in relation to future transit bookings
- Personal accident cover
- Fuel oil theft
- Additional expenses including travel and accommodation expenses, rest and rehabilitation costs and bunkering costs.
Physical damage to the vessel, especially where the typical excess on a marine hull policy may be well above the level of damage that could result from a pirate attack.
Clients wishing to purchase insurance for security risks need to ensure that they select a broker with the relevant skills, knowledge, and expertise in their business sector. We believe insurance contributes to the growth of your business, as well as provides crucial protection in challenging circumstances.
We find opportunities, where others see challenges. Our entrepreneurial culture and exclusive analytical ability helps clients to identify and realize opportunity in volatility. Here’s what makes us different:
- We pride ourselves on being accessible across all time zones. By the very nature of these insurances, we understand the great time-sensitivities involved
- Given the sensitivity and complexity for security-related claims, we advocate integrity, efficiency, and confidentiality
- We have the tenacity and desire to disrupt the market status quo and drive the insurance market forward with cutting-edge solutions. We pride ourselves in being seen as market leaders
- We have a dedicated team of specialists around the world, focused solely on security risks, so you know you will always receive expert advice and support
- Our long-standing relationships with the specialist insurers in this field means that our market leverage for seeking alternative structures to ensure the most competitive and holistic coverage is available to you. We set the trends, not just follow them
- Our proprietary risk platforms and knowledge hubs are unique to the insurance market and can deliver you with critical risk insights
- Our brokers draw on our in-house analysts’ expertise to identify current risk trends and forecasted risk developments globally that may impact you or your business.
Gulf of Guinea
An Antiguan flagged vessel was hijacked and seven crew members were kidnapped 120 nautical miles south west of Bonny Island, in the Gulf of Guinea. Following extensive negotiations with the kidnappers, the crew was released after a ransom is paid more than one month after the initial incident. 35 seafarers were taken hostage in the Gulf of Guinea over the first six months of 2018.
How the policy responded:
- Unlimited response consultants’ fees and expenses to investigate the kidnapping conduct hostage negotiations and manage the crisis at corporate level and at the family level
- Ransom reimbursement
- Salary cover for the kidnap victim/s plus salary costs of a temporary replacement if required
- Travel and accommodation costs for the repatriation of the victim/s
- Medical costs and psychological counselling costs
- Occupational retraining for the affected crew
A vessel was hijacked off the coast of Somalia. The vessel was boarded by two dozen armed men, who turn off the tracking device and hold the crew hostage. Following negotiations, the crew are released and no ransom paid.
How the policy responded:
- Unlimited response consultants’ fees and expenses to investigate the hijacking, identify the perpetrators, and manage the negotiation strategy alongside the client
- Medical care costs and psychological counselling costs
- PR consultancy costs and legal advice
- Salary cover for the victims
- Travel and accommodation costs for the repatriation of the victim/s.
We deliver results. We deploy all resources to help resolve complex losses and deliver claim payments.
Our clients have confidence that the insurance policies we arrange are expertly structured and written by experienced insurers with strong track records in paying claims. Our approachable brokers work alongside our meticulous CPS claims professionals who specialize in handling, managing and negotiating claims.
In the event of a loss, we provide:
- A single point of contact with overall accountability for all losses wherever they occur
- Our proactive claims handling process maximizes your recovery under your program, while minimizing the intrusion and interference to your on-going operations
- We leverage our strong relationships with major leaders, loss adjusters, and lawyers to help expedite the claims process
- Access to our sophisticated pre-loss consulting and effective post-loss recovery services.