Piracy risks cross multiple coverage options and jurisdictions.
Overwatch has experience managing shipping risks and procuring insurance in the Gulf of Aden. We can procure coverage in this hazard area to protect both vessels and cargo from the threat of piracy. We work with partners to provide both armed and unarmed deterrent solutions. We coordinate these additional deterrents within the insurance we procure, allowing our customers to receive reduced rates for coverage.
Piracy creates risks for the vessel, cargo, crew, security team and passengers. Security companies and anti-piracy deterrent companies are often faced with difficulties coordinating their commercial insurance with that of the vessel owner. Risks at sea are managed differently that risk on land. Onboard security companies, both armed and unarmed, operate in international waters and are subject to international jurisdictions for potential claims.
At Overwatch, we provide tailor-made coverage for these complex risks. We negotiate and coordinate insurance that meets the needs of the vessel owner, crew and passengers. We also assist in confirming that the insurance provided meets the contractual requirements of all parties in the voyage.
Anti-piracy operations are important and essential – rely on risk partners who understand your operations and the risks involved.