If you operate in waters where pirates operate and have the potential to disrupt the vessel or crew then Piracy Insurance cover can help.
Low cost insurance for Charterers.
Pirate attacks in the Gulf of Aden, Indian Ocean, West Africa and Asia can be a problem for the shipping community with vessels or crews being hijacked and held prior to being released. Notwithstanding this exposure, many Owners and Charterers are still prepared, or compelled commercially, to transit or trade to these high-risk areas.
LOSS OF HIRE (LoH) POLICY
We have developed a Loss of Hire (LoH) insurance policy designed to protect a charterer’s cash flow in the event of a pirate attack that results in the insured vessel being detained when operating under a charterparty which would not allow the charterer to place the ship off-hire or will force him to pay demurrage.
PAY HIRE RESPONSE
The LoH insurance responds to a charterer’s legal obligation to pay hire (or demurrage) to the shipowner in circumstances where the charterer is deprived of the use of the chartered vessel due to an act of piracy. The cover operates worldwide but it is specifically targeted at vessels transiting The Gulf of Aden or The Indian Ocean. We can provide cover (depending on Daily Amount insured) for a limit of 90, 180 or 270 days at the Assured’s option.