War risks covered by a German consortium

The consortium named "German War Cover" will, henceforth, provide German ship owners with covers against the risks of war and maritime piracy. Policies will be available in German and will be subject to national law. It is the situation in the Arab countries and the increasing acts of piracy (+20.4% in 2010 and five times as many as in 1984) that led to the creation of this pool.

Its instigator is a former underwriting agent from Bremen who specialized in marine insurance. The maximum capacity offered will be 55 million EUR (80 million USD) per vessel. The names of companies participating in the pool have not been disclosed so far.

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