Marine Insurance
Piracy against shipping is probably as old as maritime navigation and trade.
News From Indonesia
Like international trade, piracy has industrialized along with the expansion of business and transportation.
The new seizure by pirates of the Saudi owned super tanker "Sirius Star" and its reported 0 million of crude oil cargo has highlighted the huge impact a few armed individuals in small boats can impose on international trade.
This bulletin gives a brief summary of the current qoute and likely coverage options for Hull and Cargo risks.
Introduction
The expanding incidents and boldness of pirate attacks in the Gulf of Yemen and nearby the 'Horn of Africa' recently has seen increased alarm and an international attempt to try to secure the busy waterways prominent to/from the Suez Canal.
Nigeria and Indonesia continue to highlight heavily on Piracy Reporting Centre statistics and highlight the broad geographic spread of the problem.
Generally speaking the term Piracy is given to incidents of armed strike and burglary against ships. Kidnap of the crew and ransom demands are common, and in some cases an strike will follow in the perfect loss of the vessel.
Marine insurance - Hull Cover
The perils clause of the predominately used compose hull clauses (1983) includes "Piracy". The intention is to embrace the likes of - violent acts of persons who board the vessel with an intention to steal. Cover would include damage to or loss of the vessel. The maritime insurance Act 1909 (Cwlth) goes on to include within the legal definition of "Pirates" - "passengers who mutiny and rioters who strike the ship from the shore".
Loss of Hire cover can be purchased to secure the wage potential of the vessel. Additional investigation is recommended in order to gauge the effectiveness of this type of cover.
Marine insurance - Cargo Cover
The 'All Risks' nature of the commonly used compose Cargo Clauses (A)
maritime guarnatee - Ship Piracy guarnatee NewsFriends Link : todays world news headlines
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