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CFC launches kidnap and ransom cover
Written by staff reporter
Specialist lines underwriting agency, CFC has announced the launch of its new K&R product. CFC policyholders will have the choice of expert risk management companies including S-RM and red24 through which they can also access training and support to help prevent a kidnap or ransom incident.
Backed by a consortium of Lloyd’s syndicates, the cover comes with access to its 24/7 global incident response hotline. K&R practice leader Mark Baker, says any company sending their staff abroad should consider having kidnap and ransom cover. “Our new K&R policy addresses these threats clearly and concisely and can be tailored for a wide range of companies and individuals. More importantly, we understand that a highly skilled and swift response is of the utmost importance if something does go wrong in this area of insurance."
With the growth of cyber extortion as a very real threat to businesses, CFC’s policy provides cover for this including the reimbursement of ransom paid and additional expenses incurred as a result of the extortion. CFC also provides access to cyber response consultants who can assist in mitigating the consequences of a cyber attack.
CFC’s policy includes legal and expense cover and extended personal accident benefits, with the option for additional endorsements.