NU Online News Service, April 11, 12:35 p.m. EDT
Commercial, P&C and specialty carrier CNA says it has developed a new kidnap, ransom and extortion product to cover a wide range of security-related risks.
Available in 35 states, the insurer’s kidnap, ransom and extortion insurance product provides coverage extensions beyond traditional coverage for threats to damage property or harm employees with a ransom demand, political evacuation, child abduction from a hospital or daycare on the company’s premises, workplace violence incidents and disappearance of an employee when traveling on company business.
CNA says the product is available worldwide and can include directors, officers and employees.
As part of the offering, policyholders will have access to reports and security information from red24, which offers response, risk management mitigation and security advisement services.
CNA says red24 will provide assistance with a security-related situation 24/7 on a global basis.
The firm provides a number of case studies on its website. For instance, red24 provided clients with regular, in-depth reports of the situation following the devastating earthquake and tsunami in Japan a year ago. The firm confirmed client wellbeing and gave them advice about travel or where to safely stay in Japan, says red24.
red24 says it kept in contact with a client in Syria regularly during political unrest in the country last year. When tensions escalated and another client contacted red24 regarding the safety of employees and their families, the firm contacted them and outlined an evacuation plan and assisted in carrying out the plan.
