Eyes of the Fleet

Eyes of the Fleet

Wednesday, July 01, 2009

Sea Piracy: Insurance Company Offer Advice to Ship-Owners

As noted in an earlier post, Allianz Global Corporate & Specialty (AGCS) offers up a risk analysis of sea piracy in a free booklet available here:
In a study released today entitled “Piracy: An ancient risk with modern faces”, AGCS suggests that special ‘war’ insurance policies should be used to meet the needs of ships in high risk areas. AGCS also identifies a number of practical responses that crews can take when passing through piracy zones, and the study also points out that whilst piracy may be on the rise off Somalia and other parts of Africa, it is declining in other areas, but still poses a real threat to shipping and trade. “Anybody who has been involved with actual pirates knows the grim reality they live in and the damage they can inflict,” states AGCS Global Marine Head Arthur E. Moossmann.

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