ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, has introduced Kidnap & Ransom coverage for companies that have international operations, as well as those that have employees who travel overseas.
The new coverage provides companies with a valuable combination of incident prevention and response resources, along with insurance that offers protection from the impact of costly ransom and expense payments.
Benefits of ACE USA’s Kidnap & Ransom coverage include access to
consulting services provided by Neil Young Associates, a provider in
the special risk market, with expertise in advising individuals and
multinational corporations on the prevention of and response to kidnap
The policy also provides coverage for ransom and extortion expenses, in-transit loss of ransom, legal fees, incident response, medical costs, and death and dismemberment. Covered events include actual, alleged or threatened kidnap incidents; extortion demands threatening bodily injury, property damage, product adulteration and disclosure of proprietary information; detention of a person without ransom demand; and hijacking. Limits ranging from $250,000 to $25 million are available, with no deductible.
“Given the increasingly volatile economic and political environment
around the world, the risk of kidnapping is greater now than ever
before, even in countries that have traditionally been viewed as
low-risk locations,” said Ed Zaccaria, president, ACE Specialty
Products. “This elevated threat level has spurred interest in kidnap and
ransom products among multinational businesses. ACE USA’s Kidnap & Ransom coverage responds to this demand and complements our growing portfolio of specialized commercial insurance products.”
Jean McDermott-Lucey, vice president, ACE Specialty Products, will
manage ACE USA’s Kidnap & Ransom coverage.
McDermott-Lucey has 23 years of industry experience, including 14 years in the kidnap and ransom field. She also has substantial experience in specialty underwriting including identity theft, credit card fraud and fidelity products. Earlier in her career, McDermott-Lucey was a broker in the risk management division at Fred S. James.
For more information, contact Jean McDermott-Lucey, ACE Specialty Products at firstname.lastname@example.org.
Was this article valuable?
Here are more articles you may enjoy.