Posted on 01 May 2013 by Neilson
Victor O. Schinnerer & Company, a leading underwriting manager, today announced that it has added crime and kidnap, ransom, and extortion coverages to its suite of offerings for non-profits. The new coverages round out the program's existing offering of directors & officers liability (D&O), employment practices liability (EPLI), and fiduciary liability.
"With the number of employee thefts, fraudulent fund transfers and other crime-related incidents on the rise, more non-profits are seeking protection from this increasing risk," said Ana Recuero, assistant vice president of Schinnerer's Management Liability Programs. "Additionally, continued political and economic instability in some regions is causing non-profits to focus on ways to ensure the safety of their employees around the world. Schinnerer's new insurance offerings can help non-profits to navigate this evolving risk landscape and provide protection from the potentially substantial losses related to kidnap, extortion, and other criminal activity."
Crime insurance provides coverage for incidents including employee theft and forgery, the use of company computers to fraudulently transfer funds, securities or other property, and personal accounts alteration.
Kidnap, ransom and extortion insurance provides coverage for ransom and extortion payments, loss of the ransom or extortion payment while the ransom is being delivered, and many other additional expenses incurred as a result of a kidnap, extortion, detention or hijack. The coverage also provides access to a leading crisis response firm to assist policyholders, should an event occur. Kidnap, ransom and extortion coverage can be written on a stand-alone basis, or as part of a package.
The carrier for all of Schinnerer's non-profit management liability offerings is Navigators Insurance Company, which has an A.M. Best rating of A. The program is available nationwide on an admitted basis through licensed agents and brokers.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers. Learn more at www.schinnerer.com.