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Kidnap Insurance Costs Soar Tenfold in Gulf of Aden on Escalating Piracy

Shipowners navigating the Gulf of Aden are seeing insurance premiums for kidnap and ransom increase tenfold as piracy escalates, said Chicago-based global insurance broker Aon Risk Services on Thursday, April 9, 2009, one day after Somali pirates hijacked a U.S. cargo ship.

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