Reduction in Rates

Oslo-headquartered P&I and defense insurance mutual Skuld is offering what it says is a “large reduction” in basic pricing rates for Maritime Kidnap and Ransom insurance.

Reduction in Rates for Maritime Kidnap & Ransom

Skuld  has now been offering competitive pricing and tailored wordings in this area for nearly two years and this has become a mature market .

Whilst we all hoped that the cost for shipowners and the perils for seafarers from pirates would disappear, it is still a high risk. Particuarly when the weather conditions are favourable for the pirate skiffs, as they are at the moment.However, despite the higher risk at the moment due to the improved weather our underwriters are prepared to reflect the lower than expected level of recent losses with large reductions in pricing:

• A large reduction in the base pricing.

• Additionally a 15% reduction in prices for those vessels staying within 75nm of the coast of Iran, Pakistan and India whilst transiting the breach area between Persian Gulf and India/Far East (See larger map).

The rating for this coverage has become more complex to offer reductions to those owners with armed guards, improved security or higher freeboards. For those vessels using the corridor within 75nm of the coast we are also able to offer coverage for vessels with lower freeboards than would normally be the case.

We also now have the ability to offer a larger limit of USD7,500,000 and “stand alone” Loss of Hire coverage.

Should you have any questions or wish to discuss a quote, please contact your respective syndicates, and we would be happy to discuss or indicate.

Read more about Skuld’s Kidnap & Ransom insurance here.

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