XL partners on kidnap, ransom & extortion policy
XL has launched a new comprehensive kidnap, ransom & extortion crisis policy in partnership with global risk consultancy Terra Firma Risk Management.
XL said it has launched the policy in response to the growing threat risks of this nature are providing to its clients globally. Through its partnership with Terra Firma, it includes response capabilities and crisis management guidance for clients.
“In many parts of the world, kidnap and extortion are proving to be a lucrative business,” said Denise Balan, country manager of XL’s US Crisis Management business. “Whether prompted by profit or politics, crisis events like kidnapping, disappearance and hijack are increasingly real threats. Though the tendency is to focus on countries such as Mexico, which experienced a reported 100,000 kidnappings last year, many crisis events occur on a world-wide basis.
“The true value of this coverage is realized long before a ransom pay-out is necessary. It lies in the precautionary assistance from world-class security advisors and crisis management experts, Terra Firma, which this coverage provides. We take our clients’ safety seriously, helping them become as perceptive and knowledgeable as they can be to avoid predicaments that put themselves, their families and businesses at risk.”
XL has also recruited an experienced underwriter in this field from Aon. Todd Cranche was previously vice president in Aon’s business travel and accident unit. Prior to this, he worked at Willis as senior vice president, kidnap & ransom.
XL’s new coverage includes insurance protection and crisis management assistance to help resolve kidnapping and extortion situations and other threatening circumstances, including: hijacking, wrongful detention, child abduction, hostage crisis, disappearance and assault.
With limits of liability up to $50 million, the coverage gives clients single-point access to experts for crisis management pre-event, response and post-event services, such as consultation services to advise clients on precautions and safe travel. Coverage is available with one-three year policy terms and no deductibles.
