Hiscox unveils new marine solution as threat rises over Iran-UK ship seizure
Specialist insurer Hiscox has developed a new insurance cover for ships seized by a foreign government, in response to what it sees as a growing threat amid heightened political tension globally.
The new single peril policy, called 'Malicious Vessel Seizure', will cover loss of hire costs and provide services from crisis management consultancy Control Risks, including government liaison and family support for the victims.
The announcement follows the seizure of UK-flagged vessel by Iranian forces, which has raised heightened tension in the Middle East and particularly in the politically sensitive area in and around the Strait of Hormuz. This latest incident follows other attempts to seize a British registered vessel in retaliation for an Iranian tanker boarded by British forces off Gibraltar.
Meanwhile, Hiscox stated that no ships trading with Iran will be considered.
Stuart Bisson, head of Guernsey and Europe for Hiscox Special Risks, said: “In recent months we’ve seen growing political tension between the US and Iran which has recently culminated in the seizure of a British flagged tanker in the Strait of Hormuz. We have developed Malicious Vessel Seizure to respond directly to incidents like this where a ship owner or charterer has their vessel seized by a nation state who may have taken the ship as a retaliatory measure.
“It provides ship owners and charterers with the reassurance of knowing that they have the resources and expertise of Control Risks to help them manage the crisis as well as the financial support of Hiscox to meet their Loss of Hire costs.”
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