| Marine Insurance | | | | broad geographic spread of the problem. |
| Piracy against shipping is probably as old as maritime | | | | Generally speaking the term Piracy is given to |
| navigation and trade. | | | | incidents of armed attack and burglary against ships. |
| | | | Kidnap of the crew and ransom demands are |
| The recent seizure by pirates of the Saudi owned | | | | common, and in some cases an attack will result in |
| super tanker "Sirius Star" and its reported $100 million | | | | the complete loss of the vessel. |
| of crude oil cargo has highlighted the huge impact a | | | | Marine Insurance - Hull Cover |
| few armed individuals in small boats can inflict on | | | | The perils clause of the predominately used Institute |
| international trade. | | | | hull clauses (1983) includes "Piracy". The intention is to |
| This bulletin gives a brief overview of the current | | | | embrace the likes of - violent acts of persons who |
| problem and likely coverage options for Hull and | | | | board the vessel with an intention to steal. Cover |
| Cargo risks. | | | | would include damage to or loss of the vessel. The |
| Introduction | | | | Marine Insurance Act 1909 (Cwlth) goes on to include |
| The increasing incidents and boldness of pirate | | | | within the legal definition of "Pirates" - "passengers |
| attacks in the Gulf of Yemen and around the 'Horn | | | | who mutiny and rioters who attack the ship from the |
| of Africa' recently has seen increased alarm and an | | | | shore". |
| international effort to try to secure the busy | | | | Loss of Hire cover can be purchased to secure the |
| waterways leading to/from the Suez Canal. | | | | earnings capability of the vessel. Further investigation |
| Nigeria and Indonesia continue to feature heavily on | | | | is recommended in order to gauge the effectiveness |
| Piracy Reporting Centre statistics and highlight the | | | | of this type of cover. |