Piracy

The 29th April saw the launch of Travelers report, Piracy for ransom: the full story and the hidden costs, which highlights the hidden extra costs of piracy for ransom situations as well as providing advice to protect ships against the growing risks of maritime piracy.

The report identifies many of the additional expenses a piracy for ransom situation involves which can increase the financial loss significantly. It explores key themes around the need to have the right insurance cover in place, train crews in appropriate response procedures, to follow current risk management advice and have a crisis management programme in place.

At the launch at the Combating Piracy Conference, Bruno Schuoler, Senior Underwriter, Kidnap & Ransom urged ship owners to be ‘response ready’ and ensure they have the right strategies in place to manage piracy situations.

Travelers developed the report in conjunction with their crisis management provider, ASI Global to raise awareness of these key issues.

Travelers offers a flexible insurance policy to give ship owners specialist advice before transit and peace of mind during transit. Through the Travelers’ policy, immediate, priority access to professional crisis management support from Travelers’ crisis management partner ASI Global is guaranteed. This includes help with all aspects of the crisis, from negotiation to ransom delivery to media management. For details visit the ASI Global website.

Click here for a copy of the report.