Besso explains the coverage provided by a kidnapping and ransom insurance policy

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The threat of kidnap, Besso says, has become far more prevalent in recent times, and is an issue which is of particular relevance to business travellers and expatriates. Whilst many associate kidnapping and ransom demands with extremely wealthy individuals, anyone can be the victim of this crime.

Kidnapping and ransom insurance policies can provide both companies and individuals Besso Insurancewith protection against this type of threat. Should the worst happen, Besso asserts that this type of policy could mean the difference between a long and difficult negotiation or a quick, successful resolution. In addition to providing coverage for ransom payments and kidnapping negotiations, Besso explains that a policy of this kind can also cover threats relating to extortion, hijacking and wrongful detention.

Some polices may also offer other services including security advice and practical risk management procedures. According to Besso, companies or individuals that work in high risk industries or territories, or those that are planning a trip to a high risk destination, are advised to consider this type of policy. The policy can include coverage for an individual, a family or a corporation.

Generally speaking, these policies do not pay out a ransom on behalf of the policy holder; rather, Besso experts say that the insured must be the one to pay the ransom, and therefore incur the loss, and subsequently seek reimbursement for the payment under their policy. Some of the losses which a typical kidnapping and ransom insurance policy would cover include medical expenses, loss of the ransom in transit, and the ransom Bessopayment itself.

These policies will also usually indemnity any personal accident losses which are directly related to the kidnapping, including things such as disablement of the victim, dismemberment and death. Such policies sometimes include coverage for the expenses and fees associated with crisis management consultants; these professionals offer advice to the insured on how they should respond to the kidnapping. Although not found in every policy of this nature, there are some which also provide coverage for kidnap prevention training.

Commercial property insurance explained by Besso

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Commercial property insurance is crucial for business owners who wish to protect their livelihoods. The primary purpose of commercial property insurance is to ensure that the owner of the business remains financially whole after a loss occurs. By paying a relatively small fee each month an insurance company, the business owner is essentially agreeing to ensure a small, definite loss now, in exchange for the insurance company’s guarantee that it will bear the burden of a larger, less certain loss in the future.

According to Besso, there are a number of unexpected events during which commercial property insurance could be of great help; for instance, if a fire breaks out on the premises, and destroys the company’s inventory, or if a robbery were to occur and valuable assets were stolen. This type of insurance would also prove to be beneficial if an employee or a customer were to injure themselves on the premises, and decided to sue the company for damages. Additionally, some commercial property insurance policies will include coverage in the case of a natural disaster, such as a flood or an earthquake, damaging the premises.

When inquiring about quotes for commercial property insurance, Besso recommends that you compile a list of everything which you would like to be included in the coverage. Consider all structures and buildings, including storage facilities, signs and fences. Items such as supplies, inventory, work vehicles, equipment, computers and machinery should be added as well.

Whilst most commercial property policies can be tailored to meet the needs of each individual client, some of the core benefits of such policies include property owner’s liability, rent guarantee insurance and buildings and fittings insurance. Some of the extras which s insurance companies might offer with a policy of this kind include legal expenses, unoccupied property coverage, and contract works coverage. Besso experts say that the amount of coverage you wish to include in a policy will be dependent on a number of factors, including the level of assets which the business has, how the business is structured, and what industry the business is in.

Besso – Professional & Financial Risk Department

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Professional and Financial Risk, one of the primary department’s at Besso, specialises in offering a range of coverage for Professional Indemnity and Management Liability, both for financial institutions and commercial organisations.

This department is considered to be a leader in the market, with some of the most highly esteemed and experienced professionals in London working within it. The team has developed long-term professional relationships with a wide range of international insurers from New York, Bermuda and London, and Besso’s clients reap the benefits of this.

The Professional and Financial Risks Department offers highly effective services including a reactive, personal approach to clientele and a lightning-fast turnaround. The portfolio in this department is made up of a diverse selection of clients, from small private organizations to some of the most famous publicly traded institutions in the world. Additionally, they place several of the Lloyd’s Binding Authorities for both Canadian and American clients.

Errors and Omissions:

Specialising in professional indemnity for single projects, accountants, Engineers and Architects, Insurance Brokers and Agents, as well as Lawyers; these are just some of the department’s areas of expertise.

BESPI (In House Binder at Besso)

Policies, Binders and Quotes can all be accessed for viewing by using the online policy system

Up to $5,000,000 in limits

Contractors, Design and Build, Manufacturers, IP lawyers, Technology Business, Miscellaneous Business, Engineers and Architects.

Officers and Directors

Both private and public catered for. Worldwide and US listed and domiciled exposures included.

All types of classes are considered; this includes Financial Institutions, Insurance companies, Healthcare and Hi-tech (however this list is not exhaustive). Excess and Primary capacity, including ODL,A-Side DIC/A-Side.

Liability for Employment Practice

Both private and public catered for. Worldwide and US listed and domiciled exposures included.

All types of classes are considered; this includes Staffing companies, Auto dealers, Lawyers and CA domiciled, concentrating mainly on Franchise programs and PEO’s.

Financial Institutions

Both private and public catered for. Worldwide and US listed and domiciled exposures included.

Dealers and Brokers, xs SIPC, BPL, EPL, Bond, E&O, D&O.

M&A Transaction Liability

Worldwide and US (inclusive of deals on cross boarders) Both small and larger risks will be considered and there are limits of $25 or less.

Kidnap & Ransom

Within US and Worldwide (inclusive of Iraq)

Cyber

Extortion of Data, Crisis management, Privacy Regulatory Penalties and Defence, Recovery of Data and Loss of Income from Business, Privacy and Security Liability, Multimedia Liability, Miscellaneous and technology E&O.

Crime

Vault and armoured vehicle insurance, as well as hard to place risks, such as financial and commercial institutions.

Contingency

Liability and Cancellation coverage for all kinds of events.

Insurance for Reputational Harm.

Liability Insurance for Sexual Misconduct and Molestation

Concentrating mainly on leisure services, healthcare facilities, and educational facilities. Limits of $5,000,000 or less.

Those who require more information on this department’s services, can visit:

www.besso.co.uk/pfr

For all enquiries relating to professional indemnity, please contact

Stuart Short

Professional Indemnity Managing Director

Email address: stuart.short@besso.co.uk

Telephone number: 011 44 207 480 1142

Life Blood Of The Market

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Besso chairman Michael Wade writes, “New syndicates are essential if the Lloyd’s market is to keep thriving.”

As Lloyd’s tackles the thorny issue of distribution, perhaps a fundamental issue is that it must encourage the market to continue to rejuvenate by enabling the creation of new syndicates.

Start-ups are the lifeblood of the market. As larger underwriting groups consolidate or develop outside the Lloyd’s structure, the dynamic subscription principle of the London market would be comprised, or even lost, without the emergence of new syndicates.

It is now 20 years since the Lloyd’s Taskforce recommended the introduction of corporate capital to support syndicates; the immediate impact of which was to keep the market growing at a time when its survival was in question. Six years later, in 1998, the corporate-backed syndicates crossed a fundamental line in being permitted to own a managing agency – enabling the Integrated Lloyd’s Vehicle.

And so began the inevitable evolution of ‘insurance companies’ at Lloyd’s where capital and underwriting management became integrated; and ‘holding company’ structures appeared, enabling the development of other platforms in Bermuda and UK insurance companies.

With the growing financial strength of these underwriting groups, and Lloyd’s itself changing its rulebook, there has been significantly increased entry into the distribution chain – often in competition with Lloyd’s brokers who had hitherto enjoyed exclusive rights of access to Lloyd’s syndicates.

If we examine the role of distribution and recognise the necessary tension between ‘broking’ and ‘underwriting management’  we also need to dissect the underwritings groups’ structures as between their ‘Lloyds’ and ‘non-Lloyds’ interests – plus what Lloyds actually represents, as well as defining what it wants to be in 10 years time.

So, perhaps the logical conclusion – and where interest already exists – is that Lloyd’s brokers are feeling cut out of the distribution chain should begin to sponsor new Lloyd syndicates with integrated underwriting and distribution models backed by corporate capital vehicles (or private capital). A proportion of the capital could even come from their customers.

Of course it will be essential to recognise the potential conflicts of interest and design transparency into the structures; but where is the difference to the larger Lloyd’s underwriting groups now owning their distribution service companies or brokers?

The changes in the Lloyd’s Act of 2009 enable such structures – although, thus far, Lloyd’s itself has effectively blocked this possible evolution both in principle and in practise by introducing arbitrary rules, such as a 20% restriction of business from any one broker.

Lloyd’s wants the market to thrive but in order to achieve this it has to recognise the need to establish distribution rules that allow for that. It is time for Lloyd’s to take action and facilitate free market development.

Besso – Aviation Insurance

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Besso are very pleased to offer cover within this specialised field of insurance. The Aviation Division, led by Howard Pearce and Guy Gavan, and supported by a highly capable team.

Besso can provide insurance and reinsurance coverage in every of the following business classes:

• Hull and liability Insurance
• Hull War Risks
• Personal Accident Insurance
• Instructors Liability Insurance
• Loss of License
• Loss of Training
• Aviation Traders Insurance
• Aviation Employers Liability
• Aviation Products Liability Insurance
• Airfield Owners and Operators Insurance

Besso prides itself on taking a progressive approach to business, which has evolved from the personal nature of its client relationships. Allied to this, the Aviation Division can create bespoke solutions, an approach that befits the unique nature of many client requirements. The division offers guidance throughout the insurance process and, as a Lloyd’s Insurance Broker, has direct access to Lloyd’s insurers, syndicates writing aviation business, London-based company insurers in addition tooverseas markets.

Besso Limited is an AOPA recommended Insurance Broker.

Besso – International Insurance Products

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Formed in 1997, Besso’s International Division offers a complete range of bespoke insurance products, designed to fulfill the needs of businesses, associations and private clients on a global scale.

Our insurance experts have the technical expertise and linguistic ability to provide a truly unique client service and this multi-skilled approach provides for creative insurance solutions that are tailored to specific requirements, giving our clients the chance to gain an effective commercial advantage, wherever they are in the world.

Our product lines include insurance and reinsurance of:

  • Personal Accident, Travel and Expatriate, Kidnap and Ransom,
  • Term and Group Life
  • Group Programmes and Treaties
  • Fine Art Collections, Museums and Exhibitions,
  • High Net Worth Household
  • Antique and Fine Art Dealers, Restorers and Framers,
  • Jewellers Block
  • Directors and Officers, Errors & Omissions,
  • Professional Indemnity, Public Officials
  • Commercial and Industrial Property Packages, Goods in Transit
  • Commercial and Industrial Property and Liability
  • Public, Products and Environmental Liability
  • Engineering Inspection and Insurance
  • Motor Fleet Insurance

UK

Besso UK provides broad-ranging insurance solutions to industrial companies, PLCs, commercial and quasi-commercial organisations, as well as cover for individuals.

Our client group is both national in scale and diverse in nature, catering for all insurance classes. Clients value the bespoke nature of our insurance solutions, which also include claim negotiation services, in the event of an incident. Our comprehensive range of services includes:

Corporate Risks

  • Commercial/Corporate Insurance
  • Multinational Programmes
  • Commercial Insurance Schemes
  • Risk Management, Loss Control and Exposure Analysis
  • Due Diligence, Audit and Consultancy
  • Pre- and Post- Renewal Analysis

Personal Lines

  • Annual and Single Trip Travel Insurance
  • High Net Worth Household & Standard Household

Risk Solutions

We offer an innovative approach to (Re)insurance, utilising structures and techniques more traditionally associated with the financial markets.

This approach, entitled Alternative Risk Solutions (ART), can integrate several coverage types within one policy, potentially offering both cost saving and efficiency in risk management programme design.

Common objectives for clients seeking an ART solution:

  • Income protection
  • Multi-year pricing stability
  • Risk participation (Captives)
  • Reduced volatility
  • Regulatory risk management

We are active in arranging bespoke insurance programs, using both the general and specialist (Re)insurance markets.