Hitting Piracy with Insurance

Specialist marine insurance intermediary, Seacurus, has developed a petro-piracy endorsement which can be added to existing kidnap & ransom (KR) insurance cover. The coverage was developed in response to the evolving threats to ships, their cargoes and crews when transiting the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea.

“The criminal reach demonstrated by last year’s hijack of the tanker Kerala, coupled with the number of successful and attempted attacks in 2014 and the lack of any evidence that such gangs have been neutralised, suggests that further attempts at cargo theft will take place in 2015 across the region,” said Denis Nifontov, Head of Marine K&R at Seacurus. http://goo.gl/rOZ7c6