sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : Piracy - raising the cost and complexity of maritime insurance

Piracy - raising the cost and complexity of maritime insurance

'Somali pirates - well armed and often well trained.'    .

It's no coincidence that Harvard Business School selected piracy as 2010's best business model. Though rather tongue in cheek, the label recognises the 'revenue' and 'ROI' that this modern day seafaring looting gleans for its proponents.

In response, London’s marine insurance community is in the forefront of devising strategies to thwart pirates, who operate mainly from untouchable bases in Somalia, from succeeding in their attacks on Indian Ocean shipping.

Catlin Group Limited, with operational hubs in London, Bermuda, the US, Europe and Asia, as well as being the managing agent of Lloyd’s largest syndicate, has therefore upped its efforts in the fight. Headed by Peter Dobbs, Catlin’s Asset Protection service offers coverage designed to deal specifically with the threats from pirates. He described the move as a 'natural extension' of Catlin’s marine and Lloyd’s business.

Lloyd’s roots go back to the need for marine insurance at the end of the 17th century, as the British Empire expanded its global reach. Until the end of the 19th century Lloyd’s was essentially a marine insurer. Although it’s a lot more than that nowadays, the marine tradition remains strong. But it needs to change.

'I think in the end the maritime industry is going to have to wake up,' Dobbs said; 'in the same way that the aviation industry had to wake up 40 years ago.' He cited the rash of hijackings that took place in the 60's, which imposed 'fairly draconian, – or at least what we though at the time were fairly draconian – security measures to prevent hijacking.' More recent events have served only to increase those security measures.

'I think it’s no longer possible now to have a vessel, valued at a hundred million dollars, with cargo valued at two hundred million dollars, and to allow that vessel through some of the rougher waters of the world completely unprotected.' As a result the maritime industry has to recognize 'the world has moved on; the world has changed, and I think possibly in the future we’re going to have to look at forms of security that the maritime industry haven’t been used to in the past.'

More at http://www.lloydslist.com/ll/sector/piracy-and-security/




by Media Services

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=89972

1:06 AM Wed 26 Oct 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


News - USA and the World

































































International Moth Worlds: Rashley ahead as Aussies close in by Mark Jardine / YachtsandYachting.com,


ISAF Youth Match Racing Worlds - American unbeatable on day 1
RS Feva World Championships - All set at Yacht Club de Carnac
ISAF Rolex World Sailor of the Year Awards - Nominations now open
BIC Techno 293 Worlds - Steady winds on day 2 + Video
29er North American Open Championship - Qualifying series wraps up
Opening ceremony O'pen Bic World Cup, Travemunde Week, Germany
Six Metre Europeans - Wind fails to make an appearance on day 2
Edgartown Race Weekend - Let the sailing (and good times) begin
ISAF Youth Match Racing World Championship - Action commences July 23
International Moth Worlds - Mothballed on day 4 + Video
Spirits high as Team Alvimedica completes Transatlantic crossing
Gladwell's Line: A change of direction needed in the America's Cup *Feature
29er North American Championship - Day 1 in Kingston
Red Bull 49erFX: First look at the Olympic sailing venue at Rio
Fuerteventura Kiteboarding Grand Slam - Classic conditions on day 3
NYYC Race Week Part II images by Rolex/Daniel Forster
Drowning or electric shock? What you need to know to help save a life
BIC Techno 293 Worlds 2014 - Day 1
Six Metre European Championship - Blazing sunshine on opening day
National Sailing Hall of Fame to present Lifetime Achievement Award
International Moth Worlds: Greenhalgh and Rashley tied at the top   
PWA Pozo World Cup - Fantastic finale determines winners   
Six Metre Class British Open Championship - Llanoria and Valhalla win   
Anna Tunnicliffe set to compete at the CrossFit Games   
America's Cup: Oracle Team USA holds foiling camp at Wangi SC   
Volvo Ocean Race: Abu Dhabi OR completes double Atlantic crossing   
Volvo Ocean Race: Team SCA has a 'pull through day' off the Canaries   
No tiller sailing - how to steer using just the sails + Video   
International Moth Worlds: Three bullets in a row for Greenhalgh   
U.S. Junior Women’s Singlehanded Championship - Sophia Reineke wins   
BIC Techno 293 Worlds 2014 - Day 0 Opening   
Fuerteventura World Cup - Slalom action highlights day 2   
2014 Governor's Cup - Sam Gilmour of RFBYC victorious again   
Farr 40 West Coast Champ - Skipper Alberto Rossi leads Enfant Terrible   
Flying Dutchman World Championships - Magyars are the Masters   
Final day shakes up standings at Cape Panwa Hotel Phuket Raceweek   
2014 -15 Volvo Ocean Race: Team Alvimedica pushing towards Southampton   
NYYC Race Week - Saving the best for last   
VX One North American Championship - Chris Alexander commands   
2014 Cape Panwa Hotel Phuket Raceweek - Waiting game on Day 3   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT