A U.K. company is rolling out piracy protection insurance this week, citing evidence that sea-faring criminals are increasingly holding ships and their crews for ransom.Actually, the Barbary pirates knew that a long time ago.
The plan includes ransom money and access to negotiation specialists. Insurance intermediary Seacurus Ltd. has teamed up with Cooper Gay — a broker for insurance giant Lloyd's of London — to offer the coverage.
Pirates historically earned their doubloon by stealing and reselling ships and their cargoes, said Thomas Brown, managing director of Seacurus, from his office in Newcastle, England.
But he said piracy is getting deadlier. "Pirates realized it's actually easier to hold the humans who man these ships for ransom."
Thursday, January 19, 2006