Unlike in other parts of the world where piracy is prevalent, piracy in the Gulf of Guinea tends to focus primarily on the theft of cargo where the associated costs are not covered under a standard piracy policy. Beazley recognises that there is a need for a tailored service for ships operating in this high risk region.
Beazley partners with Maritime Asset Security and Training (MAST) Ltd to provide tailored risk assessment and a comprehensive incident response service to mitigate the considerable risks of operating in the Gulf of Guinea.
MAST's local presence enables faster response times as well as more effective communication and collaboration with the authorities. MAST's regional capabilities also enable the provision of a rapid response security team to recover the vessel once released by hijackers.
Scope of cover
Cover is provided for the illegal seizure of a vessel as well as the kidnapping of crew. Uniquely in the piracy insurance market, this cover is provided even in the absence of a ransom demand in the event of an illegal seizure.
In order to mitigate the risk of piracy, MAST will provide:
- A full risk assessment of the vessel
- Safety guidance on operating in the Gulf of Guinea, and
- Optional 24-hour vessel tracking.
In the event of an incident the following will be provided in order to compensate for the loss of the vessel and its cargo while facilitating the speedy and safe return of vessel, cargo and crew:
- Experienced ransom negotiators
- Logistical services to facilitate the safe return of crew members (including medicine supplies, ransom delivery and security for the released vessel)
- Notification and mobilisation of local authorities (if appropriate)
- Cargo tracking (in the event that the ship is recovered without the cargo)
- Public relations and media management
- Support services for crew members' families
- Liaison with crew members' home country governments
- Care, debriefing and safe repatriation of affected crew members.
Optional vessel tracking systems can be incorporated into ships' existing communication structure in order to provide tracking in the event that pirates disable satellite communications system.
Loss of hire
Loss of income suffered by the ship owner/charterer in the event of a hijacking can be insured using standalone cover or in conjunction with the piracy cover.
Higher limits may be available on request
Combined war and piracy coverage
Gulf of Guinea Piracy Plus is also available in conjunction with our war coverage as a fully combined policy with limits of up to USD75m.