Tuesday, November 19, 2013

Global Impact: Victor O. Schinnerer & Co. Offers Clients Special Endorsement on K&R Coverage

According to The Insurance Journal, effective immediately, the Victor O. Schinnerer and Co., Inc., based in Chevy Chase, MD (http://www.schinnerer.com) is providing an enhanced endorsement that broadens the definition of kidnap, ransom, and insured persons and extends personal accident coverage to include loss of speech and/or hearing and removes the exclusion for kidnap, hijacking 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.

Schinnerer has extensive experience in providing 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, places of worship and families. Coverage is worldwide and can be tailored to meet an insured’s needs. Limits from $500,000 to $65 million are available.

COMMENT: 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. 

Extensions are also available to address other security concerns such as security evacuation and child abductions. 

Coverage also provides access to a leading crisis response firm to assist policyholders, should an event occur, although the majority of underwriters in the K&R and extortion markets routinely offer such services provided by hands-on experts with years of experience in hostage negotiation, rescue and resolution.

Schinnerer offers professional liability and specialty insurance programs. Schinnerer serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers.

For a list of reputable underwriters in the K&R and extortion markets, as well as firms specializing in hostage resolution, please send me an email at: