CCW Global is able to offer comprehensive global piracy insurance solutions to maritime businesses worldwide.
Designed to provide superior protection against piracy risks, including crewmember kidnapping, vessel hijacking, and cargo ransom demands, Piracy Insurance solutions we work with offer extensive coverage under a single, easy to understand policy – giving shipping and maritime businesses the flexibility of wide-scale insurance with the convenience of single policy administration.
From ships delivering Humanitarian Aid in the Indian Ocean, to “Captain Phillips” scenarios with commercial container vessels off the Somali coast in recent years, acts of piracy on the high seas are risks which any maritime organization must factor into their day-to-day operations. While a concerted effort by the international community have seen acts of piracy decline since late 2012, according to the UN report, businesses and individuals are paying roughly US$ 60 million each year to pirates in the form of ransoms for crew and vessels.
Despite the lowered danger, there are still many pirate hotspots around the world which can severely impact shipping company’s ability to conduct business. CCW Global is able to offer comprehensive piracy insurance as part of our extensive Maritime Insurance offerings to give companies operating in the shipping sector globally the peace-of-mind needed in the event of a K&R situation or act of piracy.
Kidnapping, under a maritime piracy insurance policy, is defined as; any event, or connected series of actual, attempted, or alleged events of seizing, detaining, or carrying away by force or fraud, one or more persons, for the purpose of demanding a Ransom or monetary payment as a condition of the release of the victim(s).
When setting up a maritime piracy insurance policy, the purchasing organization will normally declare individuals to be covered under the plan’s kidnapping coverage. These individuals can be specific people (i.e. Captain Bob), or can be an entire class of employee (i.e. all the crew on Vessel X).
In the event that the insured individuals are kidnapped, the insurance will indemnify the policyholder for:
As can be seen with the above general coverage offered under a maritime kidnapping insurance plan, the benefits of the policy are designed to provide an extremely wide scope of protection with the explicit aim of ensuring the safe recovery and rehabilitation of kidnapping victims.
In terms of the overall coverage levels (the ransom limits covered under these policies, for instance), these are normally determined based on a number of variables including:
These variables will, in turn, directly impact the premium associated with the coverage.
CCW Global can help interested maritime organization enquire about comprehensive Kidnapping insurance plans, and will work with key stakeholders to identify the best possible coverage solutions in this regard.
Hijacking, under a maritime piracy insurance policy, is defined as: the actual or alleged illegal boarding and holding captive of an insured vessel by persons who demand a Ransom as a condition of the release of the insured vessel.
When setting up a maritime piracy insurance policy, the purchasing organization will normally declare vessels to be covered under the plan’s hijacking coverage. These can be specific ships (i.e. Ship X), or can be an entire class of vessel (i.e. all petroleum tankers in a company’s fleet).
In the event that an insured vessel is hijacked, the insurance will indemnify the policyholder for:
Maritime piracy insurance plans which include Hijacking coverage are designed to facilitate the speedy return of seized vessels and ships globally, and assist maritime companies in protecting their most important assets in the event of a hijacking and ransom situation which has stemmed from an act of piracy.
Premiums for Hijacking insurance under an international maritime piracy policy will be calculated using a number of factors including:
CCW Global has expert piracy insurance brokers and can help global maritime companies obtain the coverage solutions which best fit their specific needs and budgets.
If your organization would like to obtain a free no-risk, no-obligation consultation to discuss the best possible international piracy insurance solutions to cover for kidnapping and hijacking, simply Contact Us to speak to one of our expert maritime insurance brokers today.
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