Owning or managing a vessel presents considerable challenges, particularly when operating in specific regions.<\/p>\n
One notably problematic area is South America, which has seen the highest frequency of drug seizure claims. Ships in this region are increasingly exploited for drug trafficking, with smugglers employing diverse methods to conceal narcotics aboard cargo vessels destined for North America, Europe, Asia, and beyond. These methods range from hiding illegal substances within containers to affixing them directly to the ship’s structure.<\/p>\n
A notable incident involved a reefer vessel that gained media attention when drugs were discovered hidden among tropical fruits onboard. The ship, which travelled via Aruba, Colombia, and Costa Rica to Vlissingen, was found to be carrying 200 kilograms of cocaine. This contraband had an estimated street value of \u20ac15 million. While the traffickers were prosecuted, the ship’s crew was confirmed innocent. This is just one of many incidents that occur on a daily basis.<\/p>\n
In cases where authorities discover narcotics, the vessel is detained and is likely to be declared off hire by charterers. Unfortunately, neither War Policies nor P&I insurance provides indemnity to shipowners for Loss of Hire costs arising from such incidents.<\/p>\n
To address these critical gaps left by traditional War and P&I policies, we offer a comprehensive solution that protects against the escalating risks associated with vessel detentions and drug-related incidents. Our solutions includes loss of hire up to 365 days and coverage for additional expenses. This cover is underwritten by a facility featuring A-rated security and is supported by a Lloyd\u2019s broker<\/p>\n
Image credits: Dryad Global<\/p>\n","protected":false},"excerpt":{"rendered":"