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.
"Vessel owners may assume that their hull or cargo insurance policy will pay the exorbitant ransoms that pirates demand," he said, according to an announcement by his company.
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