Beazley unveils combined war/piracy cover
by Richard Kilner
Story link: Beazley unveils combined war/piracy cover
Beazley has announced that it is now offering ships sailing into difficult waters war risks and piracy cover under one policy, at a lower price than if both covers were purchased separately.
The combined war risks and piracy cover is the first of its kind in the Lloyd’s market and is available from Beazley syndicates 623 and 2623 with limits of up to $75m.
Michael Sharp, Beazley’s kidnap and ransom underwriter, explained that war and piracy risks frequently occur in the same places.
Sharp went on to say that both clients and brokers had told the insurer that they would like the convenience of purchasing both types of coverage at once.
Piracy has spiked in recent years, particularly due to the activities of Somalian pirates operating from the Horn of Africa and accounting for over a third of global piracy attacks.