I guess we will have to disagree.
I read “The CEP will buy insurance and use that to cover the ships in its convoys, so owners will no longer need to pay premiums”.
to mean no longer paying piracy premiums, not a discounted piracy premium. It is included in their fee.
Cheers (and a bottle of rum, yo ho...)
Well the idea that CEP is buying insurance for its navylet sounds even weirder. And it wouldn’t have anything to do with insurance for the shippers contracting their help... or would it? Anyhow, if backed by Lloyds isn’t that redundant? Perhaps some words got misplaced here.
Sounds like a package deal. You hire the Mini Navy and you also get coverage for cases where even it failed to halt pirates. But we’ll have to wait to see the details spelled out in a formal offer. Surely it will show up on the Lloyds website...?