Subscribe to RSS feedPiracy attacks pushing up cost of ransom insurance
by
Janet Porter, London
—
last modified
Dec 04, 2009 11:59 AM
SHIPOWNERS face some tough bargaining with insurers as the cost of buying ransom cover soars and some underwriters start to exclude this risk from standard policies.
The amounts being charged vary enormously from one owner to another, depending on the type of ship travelling in pirate-infested waters, the actual route or destination and the negotiating power of the vessel’s operator.
To complicate matters further, some insurance...
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