Creechurch International in collaboration with Hiscox is planning to offer kidnap, ransom and extortion (K&R) coverage to the citizens of Canada, to help families cope with the threat of kidnapping and other similar risks.
Through Hiscox, Creechurch clients will have access to Control Risks, an independent, specialist risk consultancy and a security-management and loss-control company, to provide response services anywhere across the globe.
It was found that many kidnappings involved not just executives, but also employees or their dependants, and with the latest service, Creechurch aims to protect people from such incidents.
The policy will offer coverage encompassing expenses incurred in responding to kidnaps, extortions, hijacks, legal liability resulting from such events, death or dismemberment benefits and access to Control Risks.
Creechurch underwriting executive vice president Phil Baker said that Creechurch's Kidnap, Ransom and Extortion coverage provides companies peace of mind, in these uncertain times, with growing threats against Canadians traveling abroad.
"Not only does our coverage protect businesses against kidnapping, it also offers protection against extortion threats towards a business's IT network or its products," Baker added.
With 60 offices in four continents, Creechurch offers mediatech liability, cyber & privacy insurance, management liability, life sciences liability, professional liability, employment practices liability, CGL products, among others.