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Ship owners attending a conference in Seoul, Korea, were warned by an insurance executive that they cannot count on hull insurance to deal with extortion demands of pirates that capture a vessel.

Gregory Bangs, worldwide crime, kidnap and ransom manager for Chubb, made his remarks at a Wednesday seminar titled “Maritime Crime: Risk Management for the Besieged Shipping Industry” that was attended by 100 businessmen from the maritime sector.

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