Magazine date:
May 2011 The consortium named "German War Cover" will, henceforth, provide German ship owners with covers against the risks of war and maritime piracy [4]. 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 [5]. 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.