K & R (Kidnap & Ransom)
The number of piracy events, which were originally restricted to the Gulf of Aden region and have extended to the whole Indian Ocean area, has increased significantly during the last few years and standard marine policies have started to exclude piracy risks from their cover. As a consequence special ship-owner K&R insurances have been developed. These policies cover consultant fees, loss of income and crew support in addition to the ransom payments.
There is a multitude of available covers available on the market who are however, often difficult to compare, especially as they are not standardized in their conditions. Our experts are glad to assist in this respect.