Victor O. Schinnerer & Company, an underwriting manager, has enhanced its kidnap, ransom and extortion insurance coverage with an updated endorsement, the “Schinnerer Enhanced Endorsement.”
Effective immediately, the Schinnerer Enhanced Endorsement broadens the definition of kidnap, ransom, and insured persons, extends personal accident coverage to include loss of speech and/or hearing, and removes the exclusion for kidnap, hijack, and extortion perpetrated by an employee of the insured. Additionally, the enhanced endorsement reduces the amount of time it takes for personal accident claims to be paid and increases the permitted length of time to repay loans after receiving reimbursement.
"We are excited to continue to provide the premier kidnap, ransom and extortion products in the marketplace. Schinnerer has been a kidnap, ransom and extortion coverage leader for nearly 20 years, and this enhancement endorsement reinforces our commitment to this important product line and provides our clients with comprehensive and creative coverage alternatives," said Steve Cohen, Management Liability Practice Leader, Schinnerer.
Victor O. Schinnerer & Company, Inc. has extensive experience in providing broad kidnap, ransom and extortion insurance coverage to organizations of any type and size, including private companies, public companies, academic institutions, hospitals, non-profits and nongovernmental organizations, houses of worship, and families. Coverage is worldwide and can be tailored to meet an insured’s needs. Limits from $500,000 to $65,000,000 are available.
Kidnap, ransom and extortion insurance typically 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, as well as extensions available to address other security concerns such as security evacuation and child abductions. 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.