Piracy Insurance

Finally, insurance companies are taking the Piracy problem serious. A new product being offered is called "Vessel Shield".

When an act of piracy occurs, who is responsible for paying the claim? Is it the vessel's hull or war risk insurer, or the provider of kidnap & ransom cover?" He then noted that the "Vessel Shield package addresses this coverage dilemma by offering an insurance product which clearly provides primary cover for acts of piracy, but also seeks to mitigate the physical security risk as well.

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