Updates
USA – Executive Order Concerning Somalia
The President of the United States has issued an executive order that may have implications for the payment of ransom to pirates. At present it is not entirely clear how, and in what particular circumstances, the order may apply.
The executive order concerning Somalia
The list of prohibited persons
Best Management Practices to Deter Piracy in the Gulf of Aden:
In an effort to assist shipowners counter piracy in the Gulf of Aden, stakeholders have updated the Best Management Practices (BMP)publication produced in association with coalition forces.
North strongly recommends the adoption of the BMP when vessels transit the Gulf of Aden and/or trade within the adjacent waters of the Indian Ocean as described below (posted 12/1/10).
Piracy – Insurance related issues
The International Group of P&I Clubs (IG) has produced a FAQ document to provide general clarification and guidance on a number of matters concerning insurance cover issues arising out of piracy incidents.
Topics covered include;
- The definition of Piracy.
- An overview of the scope of cover provided by P&I, H&M, and War Risks insurance.
- The use of Guards.
- Best Management Practices (BMP).
- General Average.
Ransom payments may be funded by K&R (Kidnap and Ransom) insurers if this cover is in place and may also be covered by war or property insurers (H&M/Cargo).
K&R cover is not provided by the Club, for more information, Members should contact their normal underwriting contact at the Club.
Source:nepia