Marine Insurer Launches New Coverage in Response to South-East Asian Bunker Piracy

by Ship & Bunker News Team
Friday February 6, 2015

Marine insurer Seacurus has launched a new add on to its existing kidnap and ransom (K&R) coverage in response to the increase in bunker pirate activity in South-East Asia, Insurance Journal reports. 

Ships will be covered for any possible piracy attacks that occur when vessels travel though 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 neutralized, suggests that further attempts at cargo theft will take place in 2015 across the region," said Denis Nifontov, head of marine K&R.

"Given that, by its very nature, criminal activity is unpredictable, Seacurus believes that, for a small additional voyage cost, cover can be arranged to give all parties to the maritime adventure peace of mind that their interests are insured."

The policy will have an aggregate limit of $5 million in addition to a $1 million K&R policy, with $0.5 million allocated to standard loss of hire, the same amount allocated to loss or theft of cargo, and $0.25 million allocated to loss of bunkers. 

It was reported earlier this year that Asia has seen a significant rise in piracy incidents, having accounted for three quarters of all global piracy attacks in 2014. 

Ship & Bunker News Team
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