Dateline: 16/12/1999
SCHAUMBURG, IL, and NEW YORK, NY, December 16, 1999 -- Zurich U.S., a leading property and casualty insurance provider, announced its offering of a comprehensive $50 million Kidnap/Ransom & Extortion (K/R&E) product for kidnapping, hijacking, extortion and computer virus exposures. The K/R&E product, designed for companies whose employees travel, can be written on a primary or excess basis.
In addition, Zurich U.S. has contracted with a preeminent security consulting firm skilled at investigative services and kidnapping negotiations, often a part of hostage cases, to act as an advisor and resource. The security consulting firm is available to provide advice to insureds caught in these circumstances and can also provide kidnap recovery services, risk prevention services, and security services.
“Our product has expanded traditional coverages,” noted Patrick Evans, Assistant Vice President in the Executive Assurance group at Zurich U.S., who helped create the new K/R&E policy. “For example, we cover independent contractors and temporary workers as employees.” Mr. Evans added that Zurich’s new K/R&E policy was written in “plain English” in a streamlined format on the application form to make it as easy-to-understand as possible. “When you talk about kidnapping in particular and the enormous stake involved, we wanted one more way to make this policy, with its many new features, stand out for insurance buyers.”
“U.S. companies,” pointed out Bruce Hayes, Senior Vice President in the Zurich U.S. Executive Assurance group, “are becoming more global and are going into developing countries where the security risks can be huge. That, in addition to the greater volume of people traveling all over the world, helped guide us in building a new policy with greater flexibility and broader coverage to address today’s needs,” he added.
Zurich’s K/R&E policy allows insureds to use their own security consulting firm or gives them the option of using Zurich’s preferred security consultant. When using Zurich’s consultant, insureds can take advantage of a separate dedicated limit to related expenses in addition to the policy limit.
Zurich U.S. is a leading commercial property and casualty insurance provider serving the multinational, middle market and small business sectors in the U.S. Zurich U.S. is a member of the Zurich Financial Services Group, a global leader in the financial services industry.
Providing its customers with solutions in the area of financial protection and asset accumulation, the Zurich Financial Services Group concentrates its activities in four core businesses: non-life and life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, the Group's worldwide presence builds on strong positions in its three home markets--the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 33 million customers and employing 68,000 employees.
# # #
Media contacts:
Patricia Schnably
Vice President, Zurich U.S. Communications
(847) 605-6372
pat.schnably@zurichna.com
Kathy Lessner
Miller DeMartine Group
(212) 744-7096
klessner@mdgpr.com