It ensures safety for ships getting into high-risk “breach” territories
Marine insurer West P&I Club has introduced the launch of its new product, West Piracy Protection, designed to help shipowners in navigating the elevated dangers of piracy in areas such because the Gulf of Aden and the Gulf of Guinea.
The product particularly targets conditions the place vessels enter designated struggle and piracy “breach” areas, that are recognized for heightened piracy dangers. West Piracy Protection goals to fill gaps in conventional struggle coverage protection, which can not totally handle the nuances of piracy incidents in these areas, together with circumstances the place ships are held for brief durations.
Key options of West Piracy Protection embrace indemnities for ransoms and associated bills, corresponding to loss throughout ransom transit, charges for response consultants, authorized consultants, and prices related to reputational danger.
The coverage additionally gives help for workers immediately affected by piracy incidents. It provides further protection choices, together with lack of rent for a most of 14 days post-vessel launch, addressing the aftermath of a seizure.
This insurance coverage product is a collaborative effort between West P&I Club and the Hamilton Global Specialty underwriting platform, underwritten by Syndicate 4000 at Lloyd’s. It additionally integrates experience from Crisis24, recognized for its disaster response capabilities, and the worldwide regulation agency HFW, which specialises in piracy response.
West Piracy Protection is on the market as an addition to the West War coverage or as a standalone product. It can also be accessible to non-West shoppers. The launch of this product enhances West’s present portfolio, which incorporates West Hull (H&M) and West War, each launched in 2023.
Richard Turner, head of product improvement at West, highlighted the distinctive points of the product, noting its relevance to the altering patterns of piracy incidents.
“Our new product will stand out from the market, not just for the extended coverage but also the embedded expertise we can offer with Crisis24 and HFW. Through this new offering, we look forward to providing West Members and other shipowners with the support to manage the ever-present threat of piracy,” Turner stated.
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