Convoy Escort Program: Bespoke non-royal navy
Insurers are weary of making massive payout and are taking the naval solution into their own hands - with the support of shipowners, freight operators, governments and navies. Leading figures in the London insurance industry have been working for two years on the Convoy Escort Program, which aims to provide protection for tankers and reduce the cost of insuring shipping operations.
One of the key architects of the program is the marine, oil and gas division at Jardine Lloyd Thompson, a leading Lloyd's broker for companies seeking insurance protection, particularly for war risks and kidnap and ransom. JLT are one of the leading brokers in the class of War and Strikes Coverage and place some of the biggest and most complex war programmes in the world. A number of these programmes are unique to JLT.
Leading insurance advisers to the industry on combating the piracy crisis with key relationships with the Navy/Atalanta/CTF, USCG, maritime liaison officers, government representatives and shipping industry bodies to facilitate the sharing of knowledge and experience to reduce the impact of this overt criminal activity.
Bespoke kidnap and ransom products for owners, managers and charterers are unique in the insurance industry. Our piracy team collates up-to-date information from industry military and security sources and then works with insurers to provide the best solution for either vessel specific transits or global coverage.
We have handled more piracy incidents than any other broker and have become the leading insurance advisors to BIMCO, the Navy and various shipping associations on combating this crisis and protecting the related exposures from this peril.
Our proactive approach to this phenomenon and liaison with all parties at the highest level, who are concerned with this activity, gives us a unique understanding of the risk and its potential implications to Owners. This combined with the fact that we are one of the leading brokers in the world for war and strikes coverage enables us to offer a highly specialised service in this class of coverage.