Hiscox is offering a new security product that, it said in a statement, it developed to protect shipping in the event of being seized by a foreign government.
The company said that the new product, “Malicious Vessel Seizure,” meets the loss of hire costs that ship owners or charterers face and provides for the services of control risks who will help the shipowner or charterer with crisis management support, including government liaison and family support for the victims.
Commenting on the new product, Stuart Bisson, head of Guernsey and Europe for Hiscox Special Risks, said, “In recent months we've seen growing political tension between the U.S. 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.”
No ships trading with Iran will be considered and the cover offered relates to control risks' fees and limited loss of hire only, Hiscox said.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].