A Chinese ship hijacked with 400 million USD of sums insured

PICC Property and Casualty, the largest Chinese non-life insurer, has confirmed that the ship carrying coal “DE Xin Hai” has been insured for 400 million USD. Sailing on the Indian Ocean between India and South Africa, the 25 crew members had to surrender the ship to the pirates on October 19, 2009.
It is not yet clear whether or not the insurance policy covers acts of piracy. PICC has, nonetheless, confirmed that the ship is reinsured on international markets.

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