The Norwegian Shipowners' Mutual War Risks Association (DNK) has brought the latest internet of things solution to marine insurance.
It has fitted an encrypted digital tracking system to 2,700 ships in its insured fleet that automatically records when the vessel enters and leaves a war risk area.
The shipowner no longer has to manually report when a vessel has entered or departed the war zone and the war risk insurance is automatically renewed or withdrawn.
An important aspect of the system is that it places the responsibility to report the vessel on the service provider rather than the shipowner.
