Marine Hijack

International Maritime Bureau piracy statistics show that piracy attacks are increasing year on year. Piracy hotspots now include major shipping routes through South East Asia, the Indian Sub Continent, Africa & the Gulf of Aden.

Although the shipping industry has historically relied on P&I, Hull, War and Cargo insurers, to recover losses related to Piracy incidents, our dedicated K&R Maritime insurance removes any uncertainty, minimizing disruption and financial loss whilst helping to achieve its safe and timely resolution. Our policy has been specifically designed to:

  • Include crisis response consultants, to provide expert advice and support throughout the negotiations.
  • Minimise business disruption and financial loss.
  • Provide certainty, as this policy pays all covered claims without seeking contributions from the War, Hull and Cargo insurers.

Our Marine Kidnap & Ransom insurance is an invaluable precaution not only to protect the financial assets of shipping companies, charterers and managers, but as importantly the crews wellbeing and safety. In the event of a claim the policy provides financial reimbursement, advice and assistance helping to bring about the safe and timely release of the vessel and crew. Our comprehensive cover will reimburse the ransom payment along with other costs incurred whilst dealing with the hijacking, including 100% of the consultants fees and expenses. In addition many other costs are also recoverable under our policy. These include;

  • Medical expenses and Personal Accident cover.
  • Staff costs for those dedicated to assisting with the case.
  • Expenses, including bunkers, demurrage, warehousing and port expenses, and the cost of the vessel calling at an unscheduled port after it is released.
  • The cost of fuel oil used by a hijacked insured vessel while held captive.
  • Fees and expenses for independant services such as forensics, PR consultant, legal advice.
  • Financial loss including interest on loans taken to pay the ransom.
  • Legal Liability, being awards and judgements as the result of an action for damages.
  • Other reasonable costs & expenses.

In addition our policy can be extended to include Loss of Hire cover.

For a full summary of cover please select the link below.

Marine Plus Policy Summary of Cover

DUSZA

Griffin Underwriting Ltd is reinsured 100% with certain Underwriters at Lloyd's, London and is registered in Guernsey under Registration No. 42359 and regulated by the Guernsey Financial Services Commission.

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