Global Piracy Trends: 2023
2023 has been a significant year for maritime developments, with a range of incidents both reinforcing existing trends facing the commercial shipping sector and underscoring the industry’s vulnerability to significant geopolitical events.
Piracy has remained a major and consistent concern throughout the year – as will be explored in more detail below – with armed criminals threatening commercial vessels both at anchorage and while at sea. In 2023, the International Maritime Bureau (IMB) Piracy Reporting Centre recorded a total of 120 instances of piracy and robbery at sea, up 4.35% from the 2022 figure of 115. Despite the small increase witnessed this year, this is assessed to be in line with existing trends, as reported maritime piracy incidents have overall been on the decline globally over the past six years, despite the minor uptick seen in 2020 which bucked the trend.
Insured perils
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Extortion (Cyber)
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Hijack/Piracy
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Illegal Seizure
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Kidnap
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Vessel Boarding
The Fundamentals of a Special Crime Piracy Policy
Special Crime insurance works on a reimbursement basis and offers unlimited cover for the fees and expenses of a crisis response provider.
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24/7 worldwide coverage and dedicated crisis response provider
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Strictly confidential policy
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Declarations are commonly required for breach transits of the Listed Area
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No deductibles
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Potential for No Claims Bonus
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Can include a bursary that can be used to mitigate the risks you are insuring against
Our offering is flexible to fit your organisation's requirements and exposures
Single Transit Policies
Considered a more flexible option, with transit premiums being charged for as and when they occur.
Last-minute transits require formal requests for underwriter quotation and cover cannot be automatically granted.
Cover is only available for High Risk Areas (HRA) and is not available worldwide.
Annual Policy with Monthly or Quarterly Declarations
Premium is paid in monthly or quarterly declarations, instead of upfront.
If a vessel is on the Schedule, all transits are covered automatically by the policy.
This policy is ideally suited for clients with a large number of HRA requirements.
There is the option of a No Claims Bonus.
Prepaid Premium for Block of Transits/Rotations
Considered the least administrative burden, this policy allows for worldwide coverage. If the end of the policy period nears and transits remain, the policy can be extended until the transits are used. This is particularly useful for clients who know their routes in advance, and is suitable for vessels on rotations.
There is the option of No Claims Bonus.
How we define insured persons:
Masters, officers, and crew of the insured vessel, and any supernumeraries and any person legally on board the insured vessel with the permission of the Insured and/or the Insured Vessels' master.
Insured losses
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Ransom
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Personal Accident
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Ransom in Transit
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Legal Liability
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Additional Expenses
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Loss of Hire
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Unlimited Response Advice & Support
What we bring
What happens if your organisation faces a crisis?
Our Alert:24 team are on-hand 24/7
We provide comprehensive assistance in times of crisis to you, acting as your single point of contact to allow expert management and control of crises.
