17 October 2014News

Ironshore enhances kidnap and ransom coverage

Bermuda-based Ironshore International has enhanced its insurance coverage for kidnap & ransom risks to protect corporate entities, as well as private family exposure to unexpected events.

The insurer’s comprehensive K&R insurance programme provides protection against kidnap for ransom, extortion, hijacking, and wrongful detention.

The firm has also entered into an exclusive partnership with Hazelwood Street Consultants, a global crisis management and personal security company, to offer professional crisis management services for personal safety guidance, security protection and event resolution.

Global cover is available for corporations with international operations and for high net worth individuals and their families. Ironshore’s policy coverage includes event-related expenses, such as ransom, loss of ransom in transit, personal accident, and legal and medical services. In addition, the coverage incorporates inclusive risk management consultation advice and support of an integrated psychiatric team throughout an entire incident.

“Kidnap for ransom and extortion incidents, of which more than 30,000 go unreported each year, have heightened criminal exposure on the international stage, subjecting corporations to the potential of unforeseen risks that threaten operations and management security,” said Mark Wheeler, chief executive officer of Ironshore International. “High net worth individuals and their families also face increased personal endangerment, whether at home, on vacation travel, or while engaged in studies abroad.”

"We are proud to work exclusively with a partner the size of Ironshore. The depth of our experience provides resources allowing cutting-edge solutions to a 21st century problem, which differentiates this service partnership from others in our industry," said Hazelwood Street's chairman, Ambassador Cresencio Arcos, former assistant secretary of US Department of both State and Homeland Security. "Our job is to prevent incidents and, when necessary, to make sure that our clients return home safe and sound."