XL Catlin is offering a kidnap, ransom and extortion (KRE) crisis endorsement available with its general aviation coverage.
With liability limits up to $1 million, the new KRE endorsement includes coverage for ransom, in-transit delivery of ransom, extra expenses incurred as a result of the incident, legal liability and consultant services. XL Catlin partners with S-RM, a global risk consultancy, to provide kidnap response services to its kidnap and ransom policyholders worldwide. Coverage will be available on an admitted basis in all 50 states, pending approval.
XL Catlin’s North America aviation team offers a suite of aviation insurance coverages for traditional and specialized companies, including major and regional airlines, corporate fleets, component manufacturers and fixed-base airport operators. The company’s general aviation insurance is tailored to provide a variety of protection, including hull damage, third-party liability, and war and terrorism.
XL Catlin’s new endorsement continues a recent trend of KRE offerings and expansions:
- Earlier this month, Chubb expanded its Signature Suite for high-net-worth customers into Canada. Among other services, Signature Suite includes risk analysis for kidnapping and home invasion, as well as travel intelligence briefings with reports on terrorist threats, political instability, airline safety and other travel risks.
- In January, Hiscox introduced a security incident response policy offering clients coverage for criminal risks, political risks, terrorism and political violence risks, information risks, and kidnap/detention/extortion risks. The policy also provides incident response, crisis management, strategic advice and recovery services through an exclusive partnership with global risk consultancy Control Risks.
- CFC Underwriting, a Lloyd’s MGA, in November launched a new kidnap and ransom product that provides comprehensive legal and expense coverage and extended personal accident benefits, with additional endorsements available. The policy includes reimbursement of ransom paid and additional expenses incurred as a result of the extortion, as well as access to a 24/7 global incident response hotline.
- In August, Everest Insurance created a Multinational Insurance Group to provide property, casualty, business travel accident and kidnap/ransom/extortion insurance products and services.
Source: XL Catlin