BROKER CREATING PRIVATE ANTI-PIRACY NAVY
An interesting story appeared in the press recently about London broker JLT developing the Convoy Escort Program, what amounts to a private navy that will provide armed escort services to subscribing vessels through pirate waters off the African coast. Although details have not been made public, it appears that shipping companies who have insurance for piracy-related losses are being asked to fund a non-profit corporation that will hire ex-military personnel to provide escorts to several vessels in small convoys. It is thought that if the cost of such services is less than the amounts being paid in ransom that it would be an economically viable option, and will permit the professional military vessels to patrol further from the coast, where pirate activity has been increasing.
This post written by Rollie Goss.
