For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses consulting and technical services policy language information about specific locations fraud-identification tools and data processing. ISO is a leading source of information, products and services related to property and liability risk. loss of business income and extra expenses incurred by an insured resulting from kidnap, ransom or extortion-related incidents.product recall expenses incurred by an insured threatened with product pollution or contamination and.payment to a kidnapped person or the person's estate, if the victim dies or loses a limb or eyesight.Optional endorsements available to insureds under the ISO policy include coverage for: loss of money in the care and custody of the messenger delivering the ransom payment.costs and fees paid in connection with securing the release of a detained or hijacked individual and.expenses incurred in obtaining the release of a kidnapped victim or in resolving an extortion threat.loss from the payment of a ransom from a kidnap or extortion threat.The ISO KR&E policy, approved by insurance regulators in 50 jurisdictions, provides separate coverages for: "The combination of ISO's industry-standard policy forms and related information with Amsec's security-management and consulting capabilities lowers insurers' barriers to enter this niche market and makes providing a comprehensive portfolio of services easier," said D. Yezzi, Jr., ISO's vice president for specialty commercial insurance. "In these uncertain times, with growing threats against American citizens and interests in many parts of the world, ISO's Kidnap, Ransom and Extortion coverage provides insurers a ready-made program they can offer to existing and prospective customers," said Domenick J. Proceeds from kidnappings amount to an estimated $500 million a year, according to a May 2001 report cited in Corporate Insurance and Risk. Reliable statistics on the number of incidents are hard to tally, but kidnapping for ransom is a fast-growing crime. The company can also provide complete claims-response services, including bilingual negotiators, access to a website of travel-threat alert information, and contingency planning services. Amsec International can provide a round-the-clock, seven-day hotline insureds can call to report kidnap or extortion demands.
Kidnap ransom and extortion coverage manuals#
ISO will provide policy forms, endorsements, manuals and related KR&E materials. Part of ISO's Commercial Crime and Fidelity insurance program, the policy allows insurers to provide worldwide coverage, with certain exceptions, for kidnap, ransom and extortion-related incidents through separate insuring agreements. ISO has also teamed up with Amsec International, a leading security-management and loss-control company, to provide insurers risk-mitigation and response services for their customers, wherever they are.
(ISO) has unveiled a new policy insurers can use to offer kidnap, ransom and extortion (KR&E) coverage. 14, 2002 - With kidnapping for ransom on the rise around the world, Insurance Services Office, Inc.
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