The effects of piracy and terrorism on shipping and insurance industry

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The effects of piracy and terrorism on shipping and insurance industry

The effects of piracy and terrorism on shipping and insurance industry

Год сдачи (защиты) дипломной работы: 2014 г.

Объем: 62 стр.

Цена работы: 3500 руб.

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Заданная тема: The effects of piracy and terrorism on shipping and insurance industry

1. INTRODUCTION 4 2. GLOBALIZATION AND MARITIME SHIPPING 5 2.1 Globalization and economy 5 2.2 Perils of the sea 8 3. PIRACY AND TERRORISM AT SEA 9 3.1 History 9 3.1.1 Reasons for piracy and terrorism 11 3.2 Definitions 12 3.2.1 Piracy 12 3.2.2 Terrorism 15 3.3 Dangerous geographical areas 16 3.4 Hazards from piracy and terrorism 20 4. COUNTERMEASURES AGAINST PIRACY AND TERRORISM 22 4.1 Jurisdiction and countermeasures of the international community 22 4.1.1 The United Nations Convention on the Law of the Sea 22 4.1.2 Convention for the Suppression of Unlawful Acts against the Safety of Maritime Navigation 25 4.2 Institutions against piracy and terrorism 28 4.2.1 International Maritime Organization 28 4.2.2 International Maritime Bureau 29 4.3 Defence measures systems against terrorist attacks 31 4.3.1 International Convention for the Safety of Life at Sea 31 4.3.2 International Ship and Port Facility Security Code 32 4.4 Ship protection measures 34 4.4.1 Armed private maritime security contractors 34 4.4.2 Technical measures against piracy 37 4.4.3 Crew training 38 4.5 Risk management 38 5. INSURANCE MARKET FOR PIRACY AND TERRORISM 40 5.1 Standard policy conditions 40 5.2 Insurances 41 5.2.1 Hull & Machinery insurance 43 5.2.2 Cargo insurance 44 5.2.3 War risk insurance 45 5.2.4 Kidnap and ransom insurance 46 5.2.5 Other insurances 48 6. CONCLUSION 49 REFERENCES 51 ANNEXES 58

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Piracy and terrorism nowadays are growing international problem. This problem influences on world economy in general, and on various industries, especially shipping and insurance industry. World economy depends on condition and safety of maritime ways because they are used for trans-portation of 80% world carried goods (Lee, 2014, p. 27). At the present time number of pirate and terrorist attacks at sea is rapidly increasing. Committing piracy leads to a loss up to US $ 16 billion per year (IMO, 2014). Damage from piracy worldwide has increased 5 times in the last six years. During the period from January to December 2013 the world"s shipping companies have been forced to put into circumvention pirates dangerous areas about 15% of regular lines (ICC International Maritime Bureau, 2014). This leads to a lengthening of routes and direct increase in the cost of freight. Committing acts of piracy leads to loss of life, destruction or damage to vessels, various material losses and interruption of maritime transport. Pirates create navigational hazards, leaving vessels including downloaded tankers at sea lanes without crew. This increases the risk of collisions and grounding of vessels. Moreover, a high degree of public danger of piracy is that it is very often connected the infliction harm to life and health of the crew and passengers of captured ships. Modern piracy is carried by criminal organizations. Representing kind of transnational cor-porations engaged in drug trafficking, weapons smuggling, gambling, they moved now to robbery at sea. Not rarely companies sent the pirates to plunder and destruction of their own vessels with valu-able cargo to get insurance. Currently international maritime community is deeply outraged by the spread of piracy and armed robbery in the areas that were previously relatively calm... Economic globalization is the process of strengthening the worldwide economic interdepen-dence of national economies in connection with increasing speed and volume of goods, services, technology and capital across borders. The process of strengthening economic integration between the countries leads to the merging of individual national markets into one world market. Economic globalization includes the globalization of production capacity, market, competition, technologies, corporations and industries (King, 2013, p. 31). Globalization of the economy is the consistent pattern of world development. The increased interdependence of national economies is connected with the formation of a common economic space. Structures of industries, exchange of information and technologies, geography of distribution of productive forces are determined considering with world economic situation, and the economic ups and downs of acquire a planetary scale. The growing globalization of the economy expressed in a sharp increase in the scale and pace of movement of capital, faster growth of international trade in comparison with GDP growth, the emergence of global financial markets. Average of world trade, GDP and trade/GDP are shown on Figure 1.1... The rapid growth of the number of piracy acts indicates that measures taken by the interna-tional community to protect against piracy are not yet sufficiently effective. Thus, while the actions of the international community in the fight against piracy remain ineffective, companies actively in-volved in the merchant shipping are trying to deal with the pirates by themselves. After analyzing the various measures taken by ship owners, cargo owners and charterers it was determined that the most effective way is insurance. Modern piracy carried out not only for criminal purposes, but also for political objectives, and in this case it is close to terrorism. Significant impact of piracy on commercial shipping and safety in other areas confirmed by the fact that acts of piracy in the world has increased rapidly. It was revealed that total direct and indirect damage from the modern maritime piracy is estimated at 13-16 billion dollars. This amount includes the cost of strengthening the protection and security of vessels, a huge increase in the cost of insurance of cargo and vessels, direction of goods by other, longer routes. Ship owners incurred about 80 percent of all losses related with the attacks of pirates, governments of many countries have spent the remaining 20 percent (International Union of Marine Insurance, 2014). Piracy as a source of recharge of Islamic terrorists can cause the formation of public terrorism-exporting entities terrorism around the world. Participation of terrorists in pirate raids enables maintenance of combat form and preparation for the subsequent capture of ships for terrorist purposes. The geography of piracy and terrorism on shipping is gradually changing; dangerous geographical areas are moving along the cost of Africa, the number of pirate attacks on merchant ships near Indonesia increased by 50% in 2013 compared with 2012 (IMB, 2014). In the same period, attacks near the coast of Somalia drastically reduced (IMB, 2014). It means that the efforts of the international military fleets and armed guards on ship board are effective. Thus, this practice must be used in other dangerous districts. Also, international community should control new risk areas of piracy and terrorism emergencе

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