Forms & Fact Sheets
Kidnap and Ransom Insurance For Piracy and Marine Risks
It is not just individuals who are at risk from ransom demands. Owners of ships and vessels are also exposed. A Marine Kidnap and Ransom policy (sometimes called a “Piracy Cover”) is essential for vessels that travel around the world and especially those which go to waters where piracy is particularly prevalent.
A Marine Kidnap and Ransom policy covers vessels that are captured by pirates who then demand a ransom. The policy allows the shipowner to respond quickly to the problem in order to minimise the risk to the business and people caught up in the piracy outrage.
Marine Kidnap and Ransom cover includes the services of experienced crisis-handling professionals who will work with the owner to help to ensure the safety of the crew and the quick release of the vessel.
A Marine Kidnap and Ransom policy will cover the ransom paid, loss in transit of the ransom as well as the fees and expenses of the security experts. The policy will also provide cover for certain additional expenses incurred in the process of the negotiations and the ship owners legal liability in connection with the Piracy event.
For More information about Marine Kidnapping and Ransom or Insurance against Marine Piracy please visit our kidnap insurance page or call K&R Expert on 01825 745 410