Piracy –
Individual coverage of
piracy risks

Ever since Somalian piracy was omnipresent in the international headlines in 2011 and 2012, kidnapping on high seas has been known as the risk everyone can face. Today's high risk areas are adjacent to the coast of Somalia and especially to the Gulf of Guinea.

We provide our customers with different solutions for these risks. On one hand we can offer our traditional annual policies – an area in which we have become the market leader in Germany. If required, our concept comprises not only the insured fleet on a worldwide basis, but the company and the shore-based employees as well. The target groups are especially those shipping companies which conduct a predictable number of trips through the high risk areas over the course of a year.

On the other hand, we offer an insurance cover tailored for customers being active in the spot market to ensure their trips to high risk areas in an individual way. Thus, we provide individual solutions for planned voyages and short-term contracts in the marine market.

In both cases focus is placed on preventive crisis management as a check-up for the short-term contracts and as a personal preventive meeting in the annual coverage. Chains of Alert are implemented and the staff is prepared for emergency cases. In addition, the meeting establishes a personal basis between claims handler and the client.

Insured costs include: ransom payments; the loss of the ransom; the service of a crisis manager; legal fees, and other company’s costs arising in such cases. Costs companies are facing during kidnap incidents usually include: pay of salaries; the cost of business interruption; reintegration costs; accrued interest for loans; and bank charges incurred while obtaining the ransom.