Marine K&R insurance

Ships and their crews are at risk all around the globe from kidnapping for ransom and hijacking incidents. Protecting the lives of the crew and the company’s assets during an abduction or hijacking for ransom requires careful planning and execution.

Why buy?

Companies may avoid ruinous outlays of cash if their crew and vessel are kidnapped and held for ransom by purchasing kidnap and ransom insurance. Access to K&R specialists and other consultants who will aid in resolving the crisis is provided. The shipowner is protected against a range of expenses that other commercial insurance may not cover in the event of a hijacking and kidnapping.

If a ship and its crew are hijacked or kidnapped by individuals who will only release them in exchange for a ransom, the shipowner may be required to pay various expenses related to the incident. These may include the ransom itself, the loss of ransom money while in transit, crisis consultants, legal liability costs, and additional expenses (including, but not limited to, death and injury to crew members and rehabilitation costs). Because of the high stakes (human lives and assets like a ship and its cargo), the criminal character, and the challenging legal context, resolving a hijacking or abduction for ransom is challenging. As a result, having insurance coverage that includes access to consultants and other specialists with extensive expertise in these circumstances is crucial.