Insurance Backing

More ship insurers are backing the use of private armed guards on merchant vessels at sea to combat Somali piracy as attacks and the resulting costs are set to rise in coming weeks, industry officials said on Tuesday.

“Piracy is clogging the arteries of globalization,” said Emma Russell with underwriter Watkins, a member of the Lloyd’s of London insurance market. “No vessel with armed guards has yet been taken,” she added.

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