Continental National American Group (CNA) has announced that it is now selling an insurance product for kidnap, ransom, and extortion.
The insurer explained that this product is designed to reflect the company’s understanding that events relating to security have broadened and can occur anywhere around the globe. Therefore, this coverage takes a step beyond the traditional spectrum of security-related event coverage in order to include any situations of this nature that can be experienced by any size of company in virtually every industry.
The Kidnap, Ransom, and Extortion insurance from CNA provides extensions to coverage that are related to situations that result from property damage threats; to harm to employees without the demand for a ransom; or even the political evacuation for either an expatriate or business traveler; or the abduction of a child from a daycare center, hospital or the premises of the company; or an employee’s disappearance while traveling for business reasons; or incidents of violence in the workplace.
This protection is now available on a global basis, and will cover the officers, directors, and employees of the insured organization.
CNA has partnered with red24, a premier London-based crisis response firm, in order to offer this additional coverage. red24 is well known with a solid reputation for providing organizations with training for risk mitigation, advice on security consultancy, and response services worldwide. The firm is capable of assisting with a situation of a security nature, worldwide, 24/7.
As an element of the new CNA insurance product, policyholders will have access to the online reports published by red24, as well as their travel security website, and training for risk mitigation.
There are currently 35 states in which the CNA Kidnap, Ransom, and Extortion coverage is available for purchase.
CNA is the seventh largest insurance writer in the company for commercial products. It was established in 1897, and is also the thirteenth largest property and casualty insurer. Insurance products offered by this company include commercial lines, surety, specialty lines, marine, and other forms of property and casualty protection. The services provided by CNA include risk control, risk management, underwriting, information services, and claims administration.