Here is an update to the whole private navy thing. This is an important step to the process, and they are getting all their ‘ducks lined up in a row’. What these guys are waiting on now is for the British government to approve this. And get this, there might be a chance for an issuing of the Letter of Marque. It was discussed by some industry folks on that video I posted, and I am sure that conversation has been had elsewhere throughout this whole process?
If this happens, this would be a very significant event in terms of the legal use of private industry for actions such as this. The historical significance would equally be awesome. Who knows and I will keep an eye out on this one. If anyone comes up with anything interesting, by all means let me know. –Matt
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Ascot agrees to join JLT’s fight against Somali pirates
07-10-2010
By Sam Barker
£10m joint venture would create fleet of armed patrol boats
Lloyd’s insurer Ascot Underwriting is working with JLT on the broker’s plans for a private navy to protect ships against Somali pirates.
The £10m JLT proposals would create a fleet of around 20 armed patrol boats to protect ships from Somali pirates. Ascot has proposed to underwrite the shipping escorted by the JLT private navy.
Ascot underwriter for marine hull Andrew Moulton said: “We have been working with JLT to provide a framework of potential insurance coverages in the event that the convoy escort programme receives support from the wider shipping community and, most importantly, gets the backing of EU Naval Force Somalia.”
A spokesman for JLT said the proposal still needed government approval, and that JLT wanted to use any extra funds to address the causes of piracy on the Somalian mainland. He added that JLT had consulted other underwriters and security consultants, but would not comment further.
Story here.
Ascot Underwriters website here.