West P&I Membership rolls out new piracy safety product

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 battle and piracy “breach” areas, that are recognized for heightened piracy dangers. West Piracy Safety goals to fill gaps in conventional battle coverage protection, which can not absolutely handle the nuances of piracy incidents in these areas, together with instances the place ships are held for brief intervals.

Key options of West Piracy Safety embrace indemnities for ransoms and associated bills, comparable to loss throughout ransom transit, charges for response consultants, authorized specialists, and prices related to reputational danger.

The coverage additionally gives help 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 International Specialty underwriting platform, underwritten by Syndicate 4000 at Lloyd’s. It additionally integrates experience from Crisis24, recognized 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 Warfare coverage or as a standalone product. Additionally it is accessible to non-West purchasers. The launch of this product enhances West’s current portfolio, which incorporates West Hull (H&M) and West Warfare, each launched in 2023.

Richard Turner, head of product growth at West, highlighted the distinctive facets 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 are able to provide with Crisis24 and HFW. By means of this new providing, we look ahead to offering West Members and different shipowners with the help to handle the ever-present menace of piracy,” Turner mentioned.

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