£10m joint venture would create fleet of armed patrol boats
Lloyd’s insurer Ascot Underwriting is working with JLT on the broker’s plans for a private navy to protect ships against Somali pirates.
The £10m JLT proposals would create a fleet of around 20 armed patrol boats to protect ships from Somali pirates. Ascot has proposed to underwrite the shipping escorted by the JLT private navy.
Ascot underwriter for marine hull Andrew Moulton said: “We have been working with JLT to provide a framework of potential insurance coverages in the event that the convoy escort programme receives support from the wider shipping community and, most importantly, gets the backing of EU Naval Force Somalia.”
A spokesman for JLT said the proposal still needed government approval, and that JLT wanted to use any extra funds to address the causes of piracy on the Somalian mainland. He added that JLT had consulted other underwriters and security consultants, but would not comment further.
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