The energy shipping unit of China Cosco Shipping Corporation, Cosco Shipping Energy Transporation (CSET) announced it has entered into an insurance service agreement with the group's captive insurer, Cosco Shipping Captive Insurance. Cosco Shipping Insurance is the first shipping captive insurance company in China which was established in February this year. The establishment of Cosco Shipping’s captive insurer was approved by the CIRC in December 2016.
Under the agreement, the insurer will provide vessel-related insurance services for CSET from 1 July 2017 to 31 December 2018 with an option to extend the coverage for an additional three months. The insurance coverage includes hull, machinery, war, kidnap & ransom risk.