Global News: Kidnap insurance costs up tenfold in Gulf of Aden
Source: Asia Insurance Review | May 2009
Shipowners navigating the Gulf of Aden are seeing insurance premiums for kidnap and random (K&R) increase tenfold as piracy escalates, according to Aon Risk Services. This means shipowners could be paying US$30,000 premium for US$3 million of cover for one journey through this piracy hotspot. However, more are opting for cover to protect their employees as well as avoiding lengthy detours that threaten supply chains and increase petrol costs.
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