Posts tagged: Gulf of Aden
Confusion remains over marine kidnap and ransom insurance
1 August 2009
Posted in Articles
Tagged: claims, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, piracy, premiums, risk, shipowner, specialist, war
First published in the August 2009 edition of Ships and Shipping The maritime news continues to be filled with articles about pirate attacks in the Gulf of Aden, while piracy also continues less reported in several other key areas such as Nigeria, the Philippines and Brazil. There has been some discussion, and perhaps confusion, about [...]
Read more »Maersk Alabama – existing policies may not have responded to cover ransom
15 April 2009
Posted in Blog
Tagged: General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, Maersk Alabama, P&I, piracy
The Maersk Alabama made the news for many reasons after it was attacked by pirates recently, not least because it was the first American-flagged vessel to be hijacked in the Gulf of Aden. The crew was able to recapture their vessel, but the captain was taken as sole hostage on a lifeboat at sea. Uniquely, there was [...]
Read more »New two-way shipping lane in Gulf of Aden
30 January 2009
Posted in Blog
Tagged: Gulf of Aden, piracy
The London-based International Maritime Employer’s Committee announced that on 1 February 2009 a two-way system will come into force in the Gulf of Aden. This will apply specifically to the “High Risk Area” security corridor. All vessels will be directed to transit the Gulf via the East and West bound lanes, in response [...]
Read more »Insurance premiums expected to rise on back of piracy
29 January 2009
Posted in Blog
Tagged: charterer, Gulf of Aden, Hull and Machinery, piracy, shipowner, Somalia, war
There is an expectation that insurance premiums are due to rise as marine piracy continues to affect major shipping routes. Whilst the increase in naval presence has helped lower the rate of attacks, there have been a number of high profile pirate attacks on vessels transiting the Gulf of Aden which have been settled via [...]
Read more »Piracy and the effect on cargo owners
26 November 2008
Posted in Opinions
Tagged: Cargo, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, P&I, piracy, Somalia, war
In the waters off Somalia and the Gulf of Aden, the frequency of pirate attacks has intensified over the last two years as Somalia remains without a central government. International security efforts have increased, but their presence is having minimal impact on what is unquestionably a lucrative crime. Somali pirates are making ransom demands of up to [...]
Read more »Marine Kidnap and Ransom Insurance
1 November 2008
Posted in Articles
Tagged: Gulf of Aden, kidnap & ransom, liabilities, losses, piracy, shipowner, Somalia
The percentage of piracy attacks that involve hostage-taking or kidnap has risen dramatically from 53% in 2004 to a staggering 82% in 2007. Whilst attacks in the Malacca Strait and Indonesia have dropped by over 50% in the same time, the Somali coast and Gulf of Aden have seen a drastic rise from only 2 incidents [...]
Read more »Recent articles
8 September 2010
The global economic slump created conditions that should have left marine insurance clients bearing the brunt of a hardening market and spiralling premiums. Not only did that not transpire, but it is not likely to either.
15 January 2009
Blog
9 August 2010
Sanctions against Iran are having an inevitable impact as insurers introduce new clauses to avoid possible breaches.
Press releases
29 April 2010
FP Marine Risks builds direct retail business in Australasia through acquisition of specialist cargo insurance agency
Opinions
26 March 2009
26 March 2007