Views
3 years ago

Piracy Update, 2009 - Lyons & Flood

Piracy Update, 2009 - Lyons & Flood

Piracy Update, 2009 - Lyons &

DEALING WITH THE COSTS OF PIRACY Executive Summary PIRACY UPDATE INSURANCE COSTS H&M coverage does not cover piracy losses where there is no hull damage and P&I coverage will not cover ransom payments. Although war-risk insurers will cover ransom payments and the costs of arranging for the successful delivery of the ransom (which can range anywhere from $75,000 for an air drop to $1 million or more for delivery by sea), they do not cover the costs of negotiating the ransom which often equals or exceeds the ransom itself. Nor do war-risk insurers typically cover the loss of business caused by the incident or the costs of security consultants, which frequently need to be retained to advise on the negotiating process and interact with the various Government and law enforcement agencies involved in the incident. Only kidnap and ransom insurance (“K&R”) covers all of these costs, including coverage if the ransom money is lost or seized en route to delivery. APPORTIONING THE RISK OF LOSS BETWEEN SHIPPERS AND CARRIERS Since COGSA and Hague-Visby do not address piracy or terrorism, carriers often have no legal leverage to force cargo interests to contribute to costs incurred by piracy incidents. Many shippers are resistant to paying surcharges for piracy. Thus, carriers must either protect themselves by modifying contracts of carriage to cover piracy or by attempting to declare general average in the aftermath of a hijacking. At present it is unclear whether courts will accept pirate attacks as general average incidents but the theory is being currently tested by several carriers. LYONS & FLOOD, LLP 65 West 36 th Street, 7 th Floor New York, NY 10018 Phone (212) 594-2400 Fax (212) 594-4589 LYONS & FLOOD, LLP 65 West 36 th Street, 7 th Floor New York, NY 10018 Phone (212) 594-2400 Fax (212) 594-4589

2009-2011 Piracy Update - Fortunes de mer
report - Oceans Beyond Piracy
somali piracy warning for yachts
Preservation of Evidence / The Risk of Spoliation - Lyons & Flood
Current trends in Somali piracy
Piracy - The East Africa/ Somalia Situation
The Economic Cost of Somali Piracy 2011 Report - Oceans Beyond ...
Overview of USCG Investigatory Powers: The Rights ... - Lyons & Flood
Developments in Rule B Maritime Attachments - Lyons & Flood
Australia's Response to Piracy: - Royal Australian Navy
Economic Cost of Piracy 2012 - Full Report - Oceans Beyond Piracy
Maritime Piracy and Related Kidnapping for Ransom - FATF
Troubled Waters: Somali Piracy - Small Arms Survey
The Economic Cost of Somali Piracy 2011 Report - Oceans Beyond ...
SWALIM Update, Issue #9 March 2009
Investigation Update - Flooding due to July 24, 2009 ... - Shad Qadri
Association of American Railroads - Lyons & Flood
Maritime Bulletin Somali piracy: multi-billion falsification
Brief of petitioner for Union Pacific Railroad Co., v ... - Lyons & Flood
NSC Weekly Piracy Update for 25 - 31 Jul 2013
Piracy attacks in East and West Africa dominate world report - NOK21
NSC Weekly Piracy Update 18-24 July 2012 - NATO Shipping Centre
NSC Weekly Piracy Update for 26 Jun - 03 Jul 2013
Brief of petitioner for Kawasaki Kisen Kaisha, LTD ... - Lyons & Flood
Piracy Costs_22June2009 - United States Institute of Peace
Koehler v. Bank of Bermuda Ltd. - Lyons & Flood