Posted on 27 Sep 2012 by Neilson
ACE USA, the U.S.-based retail operations of the ACE Group, today announced its collaboration with GMG Underwriters, LLC, a specialist in Kidnap & Ransom coverages and services, to further expand the growth of its specialized underwriting platform. The stand-alone Kidnap & Extortion coverage offering is available for U.S.-based companies of all sizes with international operations, as well as those that have employees who travel overseas. This stand-alone policy -- which is offered through ACE USA’s Foreign Casualty Unit -- 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 related expense payments.
Bryan Tedford, Senior Vice President, ACE Foreign Casualty, said, “We’re pleased to collaborate with GMG Underwriters LLC, and their team of experienced insurance professionals to further extend the availability of our specialized kidnap and extortion products and services to their network. They understand the challenges faced by companies employing a global workforce, which goes a long way to providing the protection and support needed by our clients. This engagement further demonstrates our commitment to offering international kidnap and extortion coverage to the marketplace.”
Benefits of ACE USA’s stand-alone Kidnap & Extortion coverage include access to a response team comprised of highly qualified security professionals provided by red24 global security specialists, a world leader in the special risk markets, with expertise in advising individuals and multinational corporations on the prevention of and response to kidnap and extortion.
“Even a company that is just exploring a foreign business venture needs to be aware that given the increasingly volatile economic and political environment around the world, some countries average four to five kidnappings each week,” said Bryan Tedford, Senior Vice President, ACE Foreign Casualty. “In today’s global business world, a company may not wish to abandon its plans, but it can help protect its employees and operations by offering specialized kidnap/ransom and extortion coverage.”
Benefits of ACE’s enhanced Kidnap & Extortion policy include the following:
- Ransom and extortion expenses
- In-transit loss of ransom monies
- Legal fees
- Medical costs, and Death & Dismemberment
- Incident response
- Limits range from $250,000 to $10 million are available, with no deductible
- Reasonable and customary fees and expenses of security consultants provided for the exclusion function of responding to a Covered Event
The stand-alone Kidnap & Extortion policy covers the following:
- Kidnap & Ransom (actual, alleged or threatened kidnap incidents)
- Extortion related: bodily injury, property damage, product adulteration, and disclosure of proprietary information (business or person)
- Detention: holding a person without a ransom demand
Insurance is provided by insurance companies within the ACE Group. All products may not be available in all jurisdictions. The product information above is a summary only. The insurance policy actually issued contains the terms and limits of the contract. ACE Foreign Casualty, a division of ACE USA, specializes in providing international casualty insurance programs for exposures outside the U.S., including specialty products for small, mid-sized and large U.S.-based companies, non-profits and educational institutions.
GMG Underwriters, LLC has been servicing insurance needs for more than 70 years. The company is built on the principles of providing superior customer service and quality insurance solutions for our customers. The company is dedicated to providing customers the best insurance products and services available to protect their families and their businesses. ACE USA is the U.S.-based retail operating division of the ACE Group, headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.acegroup.com/us.