Risk Intelligence Webinar 30 January

The webinar highlighted the variety of risks to the maritime sector throughout Asia.  A recording of the webinar can be accessed here.

Thomas Timlen began with an overview of the key risks in South East Asia which continue to be theft and armed robberies.  There have been no kidnappings since 2020 and few hijackings affecting the cargo trade. 

The Managers have considerable experience with war risks claims arising out of South East Asia which tend to be limited to loss of spare parts and ship equipment by armed robbers as well as crew personal effects.  However, these armed robberies can often turn violent as highlighted in a recent claim in October 2023  where a crew member was stabbed during an armed robbery in the Singapore Straits.  Under the Association’s Rules, Members have cover for loss or damage to ship’s equipment and parts where caused by “piracy, barratry and violent theft by persons from outside the Entered Ship” (Rule 2A.2.6).  Cover is also provided for P&I liabilities caused by the same peril (Rule 2C.2.6) as set out in Appendix A to the Rules. Claims under this peril are subject to a US$30,000 deductible (see page 3 of the Rates and Terms Circular here)  and the provisions of Rule 3.15. 

Highlighting the diversity of maritime threats in Asia, Katie Zeng Xiaojun of Risk Intelligence also provided an interesting overview of East Asia risks including the recent Taiwanese elections and cross-strait relations with China as well as the North and South Korea relationship. 

Further information on Asia based risks, as well as other threat areas globally can be found in Risk Intelligence’s "Maritime Threats and Security Trends: Annual Incident Figures 2023" which can be downloaded free of charge here. 

Should Members have any queries arising out of the above or in relation to the Association’s comprehensive war risks cover, please send them to hwr@thomasmiller.com.