Kidnap and Ransom
Skuld can assist in obtaining Kidnap and Ransom ("K&R") cover for its members and clients.
- K&R protects the Owners balance sheet – a ransom can ruin the company
- K&R provides consultants – to assist in negotiations and crisis management
- K&R provides cover for crew – replacement, accident, rest and rehabilitation
- K&R provides certainty – a comprehensive primary cover for piracy
- K&R provides a worldwide cover – attacks can happen anywhere
The advantages of the K&R product is that it will be a bespoke cover that fits with the owners P&I cover, facilitating any claims following a piracy incident. Our experience assisting members in piracy attacks and captures, combined with this worldwide K&R cover, provide our members' and clients' full protection.
The K&R conditions are indeed very wide in scope of cover and provide a certainty for the assured of having cover following a seizure by pirates and other illegal situations.
The K&R cover provides for a worldwide trade. This is a major advantage since attacks from pirates can happen outside the common pirate areas. Furthermore, vessels outside Listed Areas may be attacked just before entering in to a Listed Area which in such case will be covered under the worldwide cover.
When trading in the special excluded "Listed Areas" cover can be reinstated. Passing into or through Listed Areas are subject to an additional premium and have to be reported in advance. Please note these can be updated at any time. Listed Areas for K&R is kept updated and is found here on our web-site.
K&R Loss of Hire Extension
In addition to the K&R Insurance, Skuld can assist in obtaining Loss of Hire/Earnings protection for illegal seizure by e.g. pirates. The Loss of Hire cover is available for both Owners and Charterers and can be arranged on a case by case basis. The Assured will be indemnified for loss made up to an agreed amount. The cover is provided for the Listed Areas.