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Ocean piracy and its impact on insurance

Author: Rawle O King; Library of Congress. Congressional Research Service.
Publisher: [Washington, D.C.] : Congressional Research Service, 2008.
Series: CRS report for Congress, R40081.
Edition/Format:   eBook : National government publication : EnglishView all editions and formats
Summary:
Many Members of Congress are concerned about the sharp rise in pirate attacks in the strategic waterways in the Gulf of Aden off the East coast of Africa. Given the sharp increase in the number of pirate attacks, the cost of transporting cargo in international waters could rise dramatically because of the sharp increase in ocean marine insurance rates for ships transiting the Gulf of Aden. Commercial insurers, for  Read more...
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Details

Material Type: Government publication, National government publication, Internet resource
Document Type: Internet Resource
All Authors / Contributors: Rawle O King; Library of Congress. Congressional Research Service.
OCLC Number: 311593741
Notes: "December 3, 2008."
Title from title screen (viewed March 2, 2009).
Description: 7 pages : digital, PDF file.
Details: Mode of access: World Wide Web.; System requirements: Adobe Acrobat Reader.
Series Title: CRS report for Congress, R40081.
Responsibility: Rawle O. King.

Abstract:

Many Members of Congress are concerned about the sharp rise in pirate attacks in the strategic waterways in the Gulf of Aden off the East coast of Africa. Given the sharp increase in the number of pirate attacks, the cost of transporting cargo in international waters could rise dramatically because of the sharp increase in ocean marine insurance rates for ships transiting the Gulf of Aden. Commercial insurers, for example, could require a special "war risk" insurance premium costing an additional ten of thousands of dollars a day. These additional costs could adversely impact international trade during the current global economic slowdown. In addition to proposals for military deterrence and diplomatic engagements, policymakers may elect to consider adjustments to federal statutes.

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