CFC has launched a smart tracking feature for cargo ships to protect against the growing risk of piracy. 

The tool alerts CFC policyholders when they enter high-risk areas, allowing them to add coverage for those waters.  

The specialist agency’s kidnap, war and piracy team leader Alexander Beaton says there was a 20% increase in piracy-related losses last year.

“Marine [kidnapping and ransom] insurance provides valuable cover that simply isn’t available under any other insurance policy, protecting not just the vessels but, equally importantly, the people on board,” he said.

“This new upgrade ensures continuous coverage for vessels operating near restricted areas, while enhancing flexibility and choice.

“Vessel owners need the comprehensive global protection that our new product provides and seafarers deserve it.”

CFC’s upgraded kidnap and ransom policy, which includes the tracker, is available for worldwide.