New product can be traded electronically for instant quotes and policy documents

Gulf of Aden: Members of the visit, board, search and seizure team of the guided-missile cruiser USS San Jacinto (CG 56) wait for instructions to resume counter piracy operations.

Specialist lines underwriting agency CFC has launched a marine piracy product for risks up to $20m (£13.1m).

The policy covers ransom reimbursement, unlimited consultant costs, additional expenditure, personal accident for victims and loss of hire and can be traded electronically for instant quotes and policy documents.

Management liability practice leader Kate Lyes said: “We’re very excited to introduce our new marine piracy policy. Ship owners and charterers need this product more than ever but, as soft market conditions persist, it has been less and less economically viable for brokers to transact.

“That’s why as part of our product offering, we have developed an online portal to sit alongside the policy which allows brokers to obtain quotes and issue policy documentation instantly. This new and efficient process benefits everyone in the chain.”

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