To help pilots, aircraft carriers and other aviation companies address global travel safety concerns, XL Catlin is offering a Kidnap, Ransom & Extortion (KRE) Crisis endorsement available with its General Aviation insurance coverage.
“Wrongful detention, an extortion event or kidnapping are increasingly real travel risks,” said Denise Balan, head of XL Catlin's KRE insurance business in North America. ”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.”
"Given some of the volatile situations we see in the world today, we’re eager to help our clients put the right strategies into place should they face a crisis event,” said Eric Donofrio, Senior Vice President of XL Catlin’s North America Aviation insurance business. “This endorsement does just that. It strengthens our general aviation insurance product by giving our clients access to the crisis management resources needed to resolve a kidnapping or other crisis and the financial reimbursement to cover its unexpected costs.”
With limits of liability up to USD 1 million, XL Catlin’s KRE endorsement for aviation companies includes coverage for ransom, in-transit delivery of ransom, extra expenses incurred as a result of the incident, legal liability and consultant services. XL Catlin partners with S-RM, a global risk consultancy, to provide kidnap response services to its kidnap & ransom policyholders, worldwide. Coverage will be available on an admitted basis in all 50 states, pending approval.
XL Catlin’s General Aviation insurance is tailored for its clients to provide a variety of protection, including hull damage, third party liability and war and terrorism.