Demand increases as world piracy attacks worsen
Pirate attacks have led to an increase in ship owners taking out marine insurance policies, the Mail reports.
Brokers receive about 100 requests for specialist insurance cover every week.
Before August last year, ship owners relied on general policies to cover losses caused by pirates. A series of disputes with insurance companies over claims led to the creation of a specific policy to deal with piracy.
Richard Scurrell, director of Willis's Special Contingency Risks Division, said: “Before August 2008 there were not specific pirate policies. There have been disputes over the interpretation of previous traditional policies.
Chinese are more dangerous
“Off Somalia, the pirates are interested in ransoms and just take the crew hostage, making sure they are looked after well. But off China they want to steal the boat and the crew are often shot or chucked overboard.
“The worse the attacks, then the more interest we have.”
