XL introduces kidnap and ransom coverage
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XL Group Ltd. on Monday said it will offer a kidnap, ransom and extortion crisis endorsement with its general aviation insurance coverage.
The endorsement aims to help pilots, aircraft carriers and other aviation companies address global travel safety concerns, XL said in a statement.
Liability limits up to $1 million are available, and coverage includes ransom, in-transit delivery of ransom, extra expenses incurred because of the incident, legal liability, and consultant services, according to the statement.
“Wrongful detention, an extortion event or kidnapping are increasingly real travel risks,” Denise Balan, head of XL's KRE insurance business in North America, said in the statement. “For businesses in the travel and transportation industries, including aircraft operators and other aviation companies, taking added precautions to address and quickly resolve a crisis management situation is shrewd risk management.”
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