The Marine Kidnap & Ransom and Piracy cover for the shipping market
Maritime Plus:
Piracy in the Gulf of Aden and the coast of Somalia is now notoriously rampant. The situation is becoming far more sophisticated than when disgruntled Somali fishermen first started seizing vessels over their claims of unfair fishing practices. Piracy has now become the domain of highly organised and well funded gangs of pirates.
Terrorists and organised crime are now thought to be behind the recent high levels of ransomed vessels and similar operations are now spreading world-wide
Maritime Plus K&R Insurance provides the ship owner financial protection against a kidnapped and ransom situation onboard one of their vessels and is complimentary to the escort services provided by Elite Maritime.
The Policy covers:
- Ship owners and/or charterers, employees and crew
- Any person legally onboard the insured vessel e.g. pilots, surveyors, agents and guests
- Ransom paid following a kidnap, extortion or hijack
- Ransom surrendered or lost in transit
- The expenses and fees of the negotiating team appointed by the Underwriters in the event of a claim. These expert and experienced negotiators will be available to the ship owner as advisors for the entire duration of the ransom negotiation process.
A range of additional expenses including:
- Medical, hospital and surgical expenses including psychiatric care within 24 months of the insured event
- Independent legal advice incurred during negotiations
- Reward monies paid to informants
- Interest on loans taken out to pay the ransom
- Communication and recording equipment costs
- Forensic analysis
- Rest and Rehabilitation expenses of victims and immediate families
- Any necessary correctional cosmetic or plastic surgery costs
- Fees and expenses of an interpreter if required
- All other reasonable expenses incurred with the consent of Underwriters
Please Note:
This policy covers the ransom and related expenses not normally covered by Marine Hull, War, P&I or other policies. It helps remove the financial uncertainties of a piracy highjack and provides fully experienced and expert advice to the ship owner in the ensuing negotiating process.
For any questions or further queries please contact either Ray Ashton or Graham Freeman, on e-mail: info@elitemaritime.com
Marine K&R Basic Information
(to be completed as far as possible so we can seek to provide a premium costing indication prior to the completion of a formal proposal form)
Please be advised that Elite Maritime Protection Services is an Approved Introducer to Griffin Underwriting who underwrite this product. Griffin Underwriting is fully reinsured in Lloyd’s of London.
