Insurer to combine war risk, piracy cover and negotiators

Beazley has launched a policy that combines war risks and piracy cover for a cheaper price than buying both separately.

As well as covering normal war and piracy perils, the product gives shipowners and charterers access to negotiators if a vessel is captured and its crew or passengers are kidnapped. 

The combined product will be sold through Beazley syndicates 623 and 2623 with limits of up to $75m (£48.1m).

The insurer claims the combined product is the first of its kind.

Beazley kidnap and ransom underwriter Michael Sharp said: “Marine war risks and piracy risks frequently coexist in the same waters.  Our clients and the brokers we work with have consistently told us that they wanted to be able to buy cover for both perils simply and conveniently under the same policy.”

There have been 168 pirate attacks so far this year, with 67 off the Somalian coast, according to the International Marine Bureau’s piracy reporting centre.