Ships Today
Shipping Affected By Piracy – A Growing Problem In 2011
One of the oldest forms of insurance is marine insurance. Until the 1906 Marine Insurance Act, several risks that were not typically covered. Currently, however, virtually all risks (protection and indemnity, collision and running down, war risk) are recognised by marine insurance policies. These days, marine insurance takes in the loss or damage of seagoing vessels, cargo, terminals or anything else employed to move freight from its initial to its end destination.
Cargo insurance is guaranteed through Institute Cargo Clauses, that include loss, damage or robbery caused by piracy, and if damage is caused to the vessel itself by pirates, Institute Hull Clauses cover this. Specilised ‘war-risk’ insurance policies have generally been utilised to provide coverage against these dangers. However, there are growing worries about the mounting numbers of such incidents.
3 years ago, the International Maritime Bureau reported that piracy had reached its highest level since records began in 1992. Rates of marine piracy continued to increase in 2009, and Munich Re approximated that kidnap and ransom premiums increased 10 times from 2008 to 2009. Damages arising from piracy last year were unparalleled, estimated at between £7-12 billion.
The rate of marine insurance premiums covering war-risk, kidnap and ransom have gone sky-high. Campaign group Oceans Beyond Piracy estimates that “total excess costs of insurance due to Somali piracy are between $460 million and $3.2 billion per year.”
Most attacks have been based around the Gulf of Guinea, the Horn of Africa and Nigeria, and the Malacca Straits. Just lately, however, the the hijacking of the MSV Al Musa by Somali Pirates close to New Mangalore Port, India; an indication of increased territorial reach.
If travelling in the Indian Ocean, the smallest supplementary premium resulting from latest attacks for a very large crude carrier valued at sixty four million US dollars will be around $200,000 monthly. A bulk carrier ship valued at fifty million US dollars, will be obliged to pay a supplementary premium of fifty thousand US dollars monthly. These incidents have become a frequent occasion in the arena of freighting and whilst commonly detailed in the business news sections of the better quality broadsheets, it is unusual to read it written about on a paper’s front page or on news broadcasts except when it concerns the ordinary folks, for example when pirates attempt to enter yachts for a cruise liner.
There is an ongoing debate about if marine piracy should be graded as a war risk or a terrorism risk for insurance purposes. The Maritime Insurance Act is due for review in 2012, and it is likely that questions like this will be focused upon.
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