Seacurus has developed effective insurance cover to protect shipowners from the scourge of marine piracy and is now the single largest provider of marine kidnap and ransom insurance premiums to the insurance market. Seacurus works with a network of over 25 marine retail producing brokers spread throughout the world.
Marine K&R insurance is triggered by a ransom demand. Once triggered the insured is provided with the immediate assistance of a dedicated team of ransom negotiators, the costs of which under the established policies are unlimited, meaning the negotiators will assist the insured to achieve the best possible outcome regardless of how long this may take. They are there to protect the lives of the crew, mitigate the period of seizure and the associated financial losses.
So, what are the "Key Features" of this insurance?
Scope of Cover:
- The Ransom
- Unlimited Response Costs
- Loss of Ransom in Transit
- Additional Expenses
- Legal Liability
Structural Features:
- It is primary to all other marine insurances.
- It can be written on a single vessel, multi vessel or fleet wide basis.
- It can be purchased on an annual, voyage, transit or port call basis.
- It covers threats against the crew and vessel and in some cases, the cargo.
- It is triggered by the demand for money from those who have illegally taken that which is yours.
- Rights of recovery from other property interests can be preserved or waived.
- The policy will provide the insured with unlimited preferential access to one of the World’s leading K&R response companies to manage the incident.
- Subject to policy limits, the insurer will pay all of the big ticket expenses first, save for the ransom which will be paid by the owner in first instance and then indemnified by the underwriter thereafter.