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 warfare and piracy “breach” areas, that are recognized for heightened piracy dangers. West Piracy Safety goals to fill gaps in conventional warfare coverage protection, which can not totally tackle 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 embody indemnities for ransoms and associated bills, reminiscent of loss throughout ransom transit, charges for response consultants, authorized specialists, and prices related to reputational danger.

The coverage additionally offers assist for workers instantly affected by piracy incidents. It presents 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 World 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 legislation agency HFW, which specialises in piracy response.

West Piracy Safety is obtainable as an addition to the West Warfare coverage or as a standalone product. It’s also accessible to non-West shoppers. 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 improvement at West, highlighted the distinctive points 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 additionally the embedded experience we will supply with Crisis24 and HFW. By this new providing, we stay up for offering West Members and different shipowners with the assist to handle the ever-present menace of piracy,” Turner mentioned.

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