A standard charter party will usually provide that a charterer will cease paying hire if vessel is unable to operate due to physical damage as H&M perils or War Risk perils

However, if vessel is captured by pirates, the vessel will usually remain on hire and the charterer will be obliged to continue paying hire even though he is unable to make use of the vessel.

The Charterers Piracy Loss of Hire product that we have developed will reimburse the charterer for hire that he pays in this situation

It is not unusual for pirates to hold a vessel for six months or more – this can result in a heavy expense for a charterer during a period when they are not earning any income.

We can provide cover (depending on Daily Amount insured) for a limit of 90, 180 or 270 days at the assureds option.