Global Impact: Chubb Corp. Now Offering KRE Coverage to Individuals, Businesses
According to http://www.nasdaq.com, The Chubb Corp. has announced that it will be extending its kidnap/ransom and extortion services (KRE/KRI) to its personal insurance members.
Until now, this service was offered to its commercial customers through Ackerman Group, a leading provider of a broad range of security services as well as advice on investigative-related issues.
This initiative by Chubb is part of its strategy to enable individuals and businesses to safely operate in riskier parts of the world where kidnapping and extortion have become highly profitable for criminals.
Kidnap & Ransom Insurance (KRI) is not a new product.
Lloyd's of London introduced such coverage in 1932 in response to the then-infamous kidnapping case of a 20-month-old baby of aviator Charles Lindbergh. When it was introduced, wealthy families and companies running business in unsafe overseas regions purchased this form of insurance. Today, the coverage under the policy is much wider.
COMMENT: Many companies provide KRI coverage. In Mar 2014, insurer XL Group PLC announced its new Comprehensive Kidnap, Ransom & Extortion (KRE) Crisis Policy through an agreement with Terra Firma Risk Management LLP. XL Group will provide coverage for hijacking, wrongful detention, child abduction, hostage crisis, disappearance as well as assault.
Other companies that provide KRI coverage include AIG, Travelers amongst numerous others.
I retired from the US State Department in April 2006, after a career as a special agent, Senior Regional Security Officer (SRSO), director of training, chief investigator of the Cyprus Missing Persons Program, director of security of the U.S. Agency for International Development (USAID) and as a senior adviser in the Office of Anti-Terrorism Assistance.
My book, STAYING SAFE ABROAD: TRAVELING, WORKING AND LIVING IN A POST-9/11 WORLD was published in May 2008.
A complete update of STAYING SAFE ABROAD 2015, will be release during early 2015 for the iPad, Kindle and Nook and other e-readers.
I am a former Federal Firearms Dealer (US), a certified NRA pistol instructor and a certified NRA Range Safety Officer.
My career has also included 15 years as an international security consultant; for ten years I served as the security adviser to the Inter-American Development Bank.
I additionally, served six years in the Marines, which included combat service in Vietnam.
I am available for operational assignments, lecturing opportunities and in providing security solutions anywhere in the world.