Victor O. Schinnerer & Co. Inc., Chevy Chase, Md., announces a new Kidnap & Ransom piracy coverage for shipping companies with marine vessel operations.
Schinnerer's Marine Protection policy provides protection and resources in the event of a kidnap of a crew and/or illegal seizure of a vessel. This policy protects masters, officers and the crew of the covered vessel as well as any customer or guest legally aboard, and any person who has been employed to negotiate or deliver a ransom.
Under the Marine Protection policy covered losses can include:
- Ransom payment
- Temporary security costs
- Loss in transit of ransom
- Cost of psychiatric and medical care
- Legal liability
- Communication and PRservices
- Loss of hire
- Fees & expenses of independent negotiator
- Cost of delivering ransom, e.g. sea drop
- Travel and accommodation costs
- Personal financial loss
- Cost for crisis management consultants
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