WHY HAVE SPECIALTY RISK INSURANCE?
Knowing why specialty risk insurance is important and how to evaluate various products will make final decision more cost effective if an event occurs. In addition to the specialty risk products below, there are other risk protection products you may want to explore, please contact us if you have any questions or for further information.
Kidnap & Ransom
Although the number of kidnap incidents (K&R) varies from country to country, overall, K&R is increasing. Though trends occur, recent data suggests that a wider range of people is now exposed. As more desirable targets take better precautions to safeguard themselves and their families against an incident, less wealthy, more accessible targets are becoming more attractive to criminals.
Kidnap and a subsequent ransom demand can result in considerable personal or corporate financial loss. Therefore, protecting personal and corporate assets with specialty risk K&R insurance should be considered.
IMPORTANT TO NOTE is that the K&R crisis response team, contracted with the insurance provider, should have experience, language capability, and area knowledge, not all do.
Piracy hotspots now include major shipping routes through South East Asia, the Indian Sub Continent, Africa & the Gulf of Aden.
Dedicated K&R Maritime insurance removes any uncertainty, minimizes disruption, and mitigates financial loss. In addition, a quality insurer will provide access to dedicated crisis response consultants to help to achieve a safe and timely resolution.
A single recall incident can ruin a business large or small. The tremendous expansion of the global supply chain has increased the opportunity of contamination occurrences.
Insurance coverage for product recall events should protect against accidental product contamination, malicious product tampering, product extortion demand, government recall, adverse publicity, customer loss of profit, and provide access to product contamination crisis consultants for both prevention training and crisis management.
Contact us for more information.