Please note: The information is a general description. For full conditions, premiums, subjects, and warranties, please contact your team Underwriter.
Marine kidnap for ransom and hijacking are significant and real threats to shipowners' vessels and those who serve on them worldwide. Properly managing a kidnapping or hijacking for ransom is essential to protecting the life and well-being of the crew and an organisation's assets.
Kidnap for Ransom & Hijack (K&R) Insurance protects organisations against the financial loss that can arise when the crew and/or vessel is seized or detained for ransom. It protects a shipowner against various costs that may not be covered under other insurances when a vessel is hijacked and/or the crew is kidnapped and provides access to K&R experts and various other consultants that will assist in resolving the incident successfully.
Who can be covered?
Limits: Maximum limit USD 40 million per event and with sublimits for:
- Ransom: USD 10 million per event.
- In-transit loss of ransom monies: USD 10 million per event.
- Crisis consultants: Unlimited per event.
- Legal liability: USD 5 million per event.
- Additional expenses: USD 5 million per event.
Sublimits additional expenses:
- Rest and rehabilitation: USD 250,000 per event.
- Fuel oil: USD 250,000 per event.
- Port authorities: USD 250,000 per event.
- Personal accident: USD 250,000 per event.
- Sublimit per insured person: USD 25,000 per event.
- Sublimit per seaman: USD 25,000 per event.
- Sublimit per loss of extremity: 50% per insured person.
- Sublimit per loss of sight: 100% per insured person.
- Sublimit per loss of limb: 100% per insured person.
Sublimit perpermanent total:
- Disablement: 100% per insured person.
- Death: 100% per insured person.
- Criminal act or attempt to defraud the underwriters
- Improper surrender of money
- Physical loss of, or damage to, a vessel and/or any property
- Loss of hire
- Excluded areas