Ironshore's professional liability arm boosts kidnap and ransom coverage

IronPro, the professional and management liability arm of Hamilton, Bermuda-based insurer Ironshore Inc., has increased its capacity for stand-alone kidnap and ransom coverage for U.S.-based businesses to $25 million, up from $5 million.

The kidnap and ransom coverage is available for companies in the United States doing business globally, and is meant to protect executives and their families from unexpected and harmful events, Ironshore said in a statement Monday.

Coverage extends to ransom payments, extortion, hijacking and wrongful detention, Ironshore said.

The program also provides professional crisis management services for personal safety guidance, security protection and event resolution through Miami-based Hazelwood Street Consultants L.L.C., a global crisis management and personal security firm, according to the statement.

“Kidnap events, often unreported, have increased in recent years due to heightened turmoil and conflict in regions around the world,” IronPro President Greg Flood said in the statement. “Corporations based in the U.S. demand broader coverage options that are underwritten in response to potential unforeseen risk at home and abroad, which threatens operations, executive security and personal endangerment.”