Egypt – Plan to insure ships against piracy
Friday, 01 12 2018, Category: Insurance and Reinsurance, Country: Egypt
A report issued by the Insurance Federation of Egypt revealed a plan to protect and insure marine cargo and hull in the seas against piracy by insuring the ship, its equipment and the shipments, Protection & Indemnity as well as the loss of rent.
Moreover, the Federation clarified that these insurance contracts cover piracy (kidnap, ransom and transactions with pirates) noting that many markets exclude this cover instead of raising prices. Therefore, specialized insurance policies emerged such as kidnap and ransom and answering the demands of pirates. These contracts are available internationally but not in the Egyptian market.
Source: Veto Gate