Marine Insurance for Piracy Attacks

Piracy affects commercial shipping in more ways than one. It has an impact on maritime traffic in important shipping lanes. Attacks on oil supertankers could spark environmental disasters. Additionally, pirate actions are becoming more advanced, not only concerning cargo ships but also luxury ones like yachts, etc. Additionally, the number of marine piracies is sharply rising, which is also sometimes called "maritime terrorism”. This has led to the importance of having this insurance among cargo owners and various other players.

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What necessitates Marine Insurance for Piracy Attacks

Let us look at the factors that highlight the importance of this insurance:

  1. Marine insurance has historically and theoretically been intended to cover all maritime risks for which the insured purchases this policy. Typically, marine insurance does cover piracy attacks as one of its perils.
  2. It is crucial for shippers to protect themselves against piracy to recover lost or stolen property. Generally, the goods in transit are in bulk which makes the cost of consignment very high.
  3. To get protection against piracy in transit, coverage against warehouse hazards or attacks, and similar risks.
  4. There has been an alarming increase in pirate activities endangering people's lives and property. Insurance companies have developed the concept of piracy risk management to boost the confidence of ship owners and enhance the protection of costly vessels. 
  5. The purpose of including piracy in hull and cargo claims is to stop specific trade routes from being hampered by things like savage actions by pirates.

Benefits of Marine Insurance for Piracy Attacks:

Below mentioned are some of the benefits of having this insurance:

  • The flexibility of this insurance allows for more accurate underwriting of the amount of risk and coverage.
  • Marine Insurance policies are usually paid per transit, and underwriters frequently add an extra premium for travel through risky locations. So, if a particular transit is for a piracy-prone area, only the shipper would be charged an extra premium.
  • If the transit route includes a higher chance of piracy attack, this insurance can reduce the chances of ambiguity and uncertainty for the customer and the insurance company since necessary steps are already taken.
  • This offers the ideal balance of coverage for both war and piracy attacks.
Learn more about Marine Insurance

Case

Shipping Transport Co. had opted for marine insurance for piracy attacks for transporting luxury items from India to America. The consignment value was between INR 10 to 15 crores. In transit, the vessel was attacked by a troop of pirates. In the conflict, the pirates looted the cargo and more than INR 5 crores were robbed.

Upon reaching the destination, the insurance company was informed about the incident. All the required documents were submitted and details were provided to proceed with the claim. The insurer appointed the surveyor and other parties to investigate and submit the report of their findings. On submission of the report by concerned parties, the ship owner was compensated for losses.

Conclusion:

Insurance companies, both online and offline, offer marine insurance. Various factors, including the ship's type, size, and intended use as well as the owner's recent insurance history, affect the insurance premium. Be aware that some insurance policies have restrictions on what they cover and don't, as well as other clauses which require the insured to pay a certain amount. A ship owner must consider buying marine insurance for piracy attacks for safeguarding against pirate attacks.

Written By: PolicyBazaar - Updated: 01 May 2023

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
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3.8 April 20, 2023
Anas
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
Mizoram
4.3 April 03, 2023
Vaishnav
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
Assam
4.3 March 17, 2023
Umang
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
Chennai
4.3 February 28, 2023
Vishal
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
Gurugram
4.3 February 11, 2023
Parth
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
Noida
3.8 February 10, 2023
Rishabh
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
Jamshedpur
3.8 January 31, 2023
Arvind
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
Ajmer
3.8 January 21, 2023
Vishal
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
Mumbai
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
Pune
3.8 January 01, 2023
Kunal
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
Indore