The International Transport Intermediaries Club pays out after $15,000 cash box is stolen during ship raid
A mutual has paid out a claim for a cash box containing $15,000 stolen by Somali pirates during a ship raid.
The International Transport Intermediaries Club (ITIC) reports in its latest claims review that after the pirates had boarded the ship, they opened fire on the accommodation block and entered the bridge.
Once under the control of the pirates, the ship was forced to alter course for Somalia, where it was detained by the pirates for some months before being released.
Before releasing the ship, the pirates stole a number of items from it, including a cash box located in a safe kept in the master’s cabin.
The cash box included the sum of $15,000 which had been placed on board by the ship manager. Because the manager had taken out ‘cash on board’ insurance, the stolen money was duly reimbursed in full to the ship manager by ITIC.
Under the terms of ITIC’s cash on board insurance, money can be covered when kept in a locked safe on the ship. ITIC also provides a range of cover for managers and agents in respect of money carried temporarily in their care while in transit to a ship. The cover can be extended to money, including petty cash, kept in the manager’s office or at his home overnight.
