London, UK (23 July, 2019) – Hiscox, the specialist global insurer, has developed a new security product to help protect shipping targeted by nation states. Malicious Vessel Seizure will respond to a single peril of a ship taken by a foreign government, providing Loss of Hire costs and the services of leading crisis management consultancy – Control Risks.
Heightened tension in the Middle East and particularly in the politically sensitive area in and around the Strait of Hormuz recently saw a British flagged tanker boarded by Iranian forces and diverted into Iranian waters. This latest incident follows other attempts to seize a British registered vessel in retaliation for an Iranian tanker boarded by British forces off Gibraltar.
It is in direct response to this growing threat that Malicious Vessel Seizure has been developed to protect shipping in the event of being seized by a foreign government. As well as meeting the Loss of Hire costs that ship owners, or charterers would face, Malicious Vessel Seizure 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; having a coordinated crisis management response from the early stages can help mitigate the impact on the assured but most importantly on the families of the victims.
Commenting on the new product, Stuart Bisson, Head of Guernsey and Europe for Hiscox Special Risks, says: “In recent months we’ve seen growing political tension between the US 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.
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For further information please contact:
Hiscox
Lucy Hensher +44 (0) 20 7448 6619 [email protected]
Notes to editors
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About Control Risks
Control Risks is a global risk consultancy specialising in political, security and integrity risk. The company enables its clients to understand and manage the risks of operating in complex or hostile environments. Through a unique combination of services, wide geographical reach and by adopting a close partnership approach with clients, Control Risks helps organisations effectively solve their problems and realise new opportunities across the world. www.controlrisks.com
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