As the single largest provider of Marine Kidnap and Ransom premiums to the insurance market, Seacurus has developed comprehensive protection for loss of hire resulting from an act of piracy. As with K&R, the trigger of the loss of hire policy is a demand for ransom.
Unlike standard loss of hire resulting from physical damage to the ship, there is no deductible or excess and the cover will indemnify either owner or charterer from the first moment that the vessel is hijacked.
The insured may choose how many days of indemnification are covered provided that the maximum sum insured (days of indemnification x daily hire amount) is no more than US$5,000,000. A limit for bunkers can also be included within the maximum sum insured.
Seacurus has developed structures for both single transit and multi-transit coverages and bespoke policy wordings for either owners or charterers.
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