ACE USA has collaborated with GMG Underwriters, LLC, a specialist in kidnap & ransom coverages and services, to expand the growth of its underwriting platform. The stand-alone kidnap & extortion coverage offering is available for U.S.-based companies of all sizes with international operations, as well as those that have employees who travel overseas. The policy – offered through ACE USA’s Foreign Casualty Unit – provides companies with a combination of incident prevention and response resources. It also offers protection from the impact of costly ransom and related expense payments.
ACE USA’s kidnap & extortion coverage includes access to a response team comprised of security professionals provided by red24 global security specialists who have expertise in advising individuals and multinational corporations on the prevention of and response to kidnap and extortion.
“Even a company that is just exploring a foreign business venture needs to be aware that given the increasingly volatile economic and political environment around the world, some countries average four to five kidnappings each week,” said Bryan Tedford, senior vice president, ACE Foreign Casualty. “In today’s global business world, a company may not wish to abandon its plans, but it can help protect its employees and operations by offering specialized kidnap/ransom and extortion coverage.”
ACE’s enhanced kidnap & extortion policy includes the following:
- Ransom and extortion expenses
- In-transit loss of ransom monies
- Legal fees
- Medical costs, and death & dismemberment
- Incident response
- Limits from $250,000 to $10 million are available, with no deductible
- Reasonable and customary fees and expenses of security consultants provided for the exclusion function of responding to a covered event
The stand-alone kidnap & extortion policy also covers the following:
- Kidnap & ransom (actual, alleged or threatened kidnap incidents)
- Extortion related: bodily injury, property damage, product adulteration, and disclosure of proprietary information (business or person)
- Detention: holding a person without a ransom demand
Insurance is provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions.