It ensures safety for ships getting into high-risk “breach” territories
Marine insurer West P&I Membership has introduced the launch of its new product, West Piracy Safety, 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 identified for heightened piracy dangers. West Piracy Safety goals to fill gaps in conventional struggle coverage protection, which can not absolutely deal with the nuances of piracy incidents in these areas, together with circumstances the place ships are held for brief intervals.
Key options of West Piracy Safety embrace indemnities for ransoms and associated bills, equivalent to loss throughout ransom transit, charges for response consultants, authorized consultants, and prices related to reputational threat.
The coverage additionally supplies assist 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 Membership and the Hamilton World Specialty underwriting platform, underwritten by Syndicate 4000 at Lloyd’s. It additionally integrates experience from Crisis24, identified for its disaster response capabilities, and the worldwide regulation agency HFW, which specialises in piracy response.
West Piracy Safety is out there as an addition to the West Battle coverage or as a standalone product. Additionally it is accessible to non-West shoppers. The launch of this product enhances West’s current portfolio, which incorporates West Hull (H&M) and West Battle, each launched in 2023.
Richard Turner, head of product improvement at West, highlighted the distinctive features of the product, noting its relevance to the altering patterns of piracy incidents.
“Our new product will stand out from the market, not only for the prolonged protection but in addition the embedded experience we will provide with Crisis24 and HFW. By this new providing, we look ahead to offering West Members and different shipowners with the assist to handle the ever-present risk of piracy,” Turner stated.
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