Benfield Corporate Risk, brokerage said that, in response to the capture of a Saudi Arabian oil tanker by Somali pirates, it has produced a dedicated and exclusive Marine Ransom & Extortion policy.
The firm said the policy is effective worldwide, is AA security rated and offers limits up to $10 million per event and indemnifies the policyholder against kidnapping and extortion, lost ransom, and costs incurred resolving the situation.
Pirates, who captured the Saudi supertanker Sirius Star over the weekend off the coast of Kenya as it was transporting a cargo said to be worth $100 million, were reported today to have asked owners for a $25 million ransom.
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