Search
 

K&R Feature: Negotiating Coverage

The face of the Kidnap & Ransom insurance market is changing as exposures become more broadly distributed across all business lines, sizes and insureds.

By Bonnie Cavanaugh, E&S Editor | Updated on July 15, 2013
The face of the Kidnap & Ransom insurance market is changing as exposures become more broadly distributed across all business lines, sizes and insureds. And while some carriers are reacting by shaking things up, for Hiscox USA’s Jeremy Lang, maintaining a longtime enterprise with the company’s rescue partner is the key to success.

Hiscox’s senior vice president and manager, U.S. Kidnap and Ransom says that over the last year, a surprising number of competitors that offer Kidnap & Ransom insurance products have switched their crisis response firm for another. “Either the response firm has left, or the carrier has chosen a different response firm,” Lang says. “It’s highly unusual within the industry.”

That’s because the most important aspect of a Kidnap & Ransom policy is not actually who is selling it, but which crisis-response team that carrier has partnered with; carrier choice is often the second-most consideration in the K&R insurance market for clients, he says. So why would those carriers switch?

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.