CFC launches marine piracy coverage

Specialist lines underwriting agency, CFC, has launched a marine piracy product as coverage becomes ever increasingly required.

The policy covers ransom reimbursement, unlimited consultant costs, additional expenditure, personal accident for victims, and loss of hire.

CFC has capacity to offer limits of up to $20 million and nil deductibles are offered as standard.

Kate Lyes, management liability practice leader at CFC, said: "We’re very excited to introduce our new marine piracy policy. Ship owners and charterers need this product more than ever but, as soft market conditions persist, it has been less and less economically viable for brokers to transact.

“That’s why as part of our product offering, we have developed an online portal to sit alongside the policy which allows brokers to obtain quotes and issue policy documentation instantly. This new and efficient process benefits everyone in the chain.”