XL Catlin has added a kidnap, ransom & extortion (KRE) crisis endorsement to its general aviation insurance coverage for pilots, aircraft carriers and other aviation companies address global travel safety concerns.
With limits of liability up to $1 million, XL Catlin’s KRE endorsement for aviation companies 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 & ransom policyholders, worldwide. Coverage will be available on an admitted basis in all 50 states, pending approval.
XL Catlin’s General Aviation insurance is tailored for its clients to provide a variety of protection, including hull damage, third party liability and war and terrorism.
“Wrongful detention, an extortion event or kidnapping are increasingly real travel risks,” said Denise Balan, head of XL Catlin’s KRE insurance business in North America. “For businesses in the travel and transportation industries, including aircraft operators and other aviation companies, taking added precautions to address and quickly resolve a crisis management situation is shrewd risk management.”
XL Catlin specializes in the global aviation industry, with underwriters and dedicated aviation claims specialists based in New York, Boston, Chicago, San Francisco, Toronto and Calgary. XL Catlin’s North America aviation team offers a suite of aviation insurance coverages for traditional and specialized companies, including major and regional airlines and corporate fleets, through to component manufacturers and fixed-base airport operators.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
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