CFC launches new Lloyd’s-backed kidnap and ransom product

CFC, a specialist lines underwriting agency, has launched a new kidnap and ransom (K&R) offering backed by a consortium of Lloyd’s syndicates and which includes access to an incident response hotline.

Furthermore, CFC policyholders have a choice of risk management companies including S-RM and red24 through which they can also access training and support to help prevent a kidnap or ransom incident.

CFC’s policy also provides coverage for cyber extortion, including reimbursement of ransom paid and additional expenses incurred as a result of the extortion.

Policyholders also have access to cyber response consultants who can assist in mitigating the consequences of a cyber attack.

Mark Baker, K&R practice leader, said: “Any company sending their staff abroad should consider having kidnap and ransom cover in place should those travelling encounter a problem.

“Our new K&R policy addresses these threats clearly and concisely and can be tailored for a wide range of companies and individuals.

“More importantly, we understand that a highly skilled and swift response is of the utmost importance if something does go wrong in this area of insurance. That’s why our policy comes with a global 24/7 incident response hotline with no limit to consultant fees incurred.”