Crisis Management

Companies with employees operating in foreign jurisdictions face complex challenges which are constantly evolving.  Risks can often materialize quickly and seemingly without warning. 

In order to respond quickly and effectively to these evolving threats, it’s imperative that clients remain prepared. Aspen’s team of underwriters are experienced at designing comprehensive kidnap, extortion & evacuation programs. Each policy is supported by Crisis24, our market leading crisis response team. Should the unexpected occur, our response consultants can respond rapidly, regardless of where the incident has occurred, applying local knowledge and expertise to formulate a swift & safe response to the threat faced. 

Each of our policyholders is unique, so for that reason we tailor bespoke solutions for clients based on their sector, footprint & travel pattern.     

If a policyholder wins a significant new project in a new territory & new or expanded cover is required at short notice, Aspen will respond within 24 hours.     

Products 

Kidnap & Ransom – Which responds to:

• Kidnap,
• Detention,
• Extortion & hijack
• As well as illegal threats, disappearances, assaults & hostage crises.   

Crisis Evacuation – Which responds to: 

• Political & civil violence 
• Natural catastrophe 
• Epidemic   

Insured Event:  

• Active Assailant Incident –A physical attack by an Active Assailant at a Covered Location involving the use of a Weapon; and the subsequent action of Authorities. 

• Threat Incident – Any specific threats to inflict bodily injury, or damage, destroy or contaminate property. 

Product Coverage: 

• Aspen Crisis Management offers market-leading capacity for Active Assailant coverage of up to USD25m any one risk.  

• Legal Liability – Coverage for the Damages and Claim Expenses an insured will become legally obligated to pay following an incident. 

• Physical Damage – Coverage for the cost of physical loss, damage or destruction to Insured property resulting from an Active Assailant incident.

• Business Interruption – Indemnification for business interruption loss resulting from physical damage or denial of access following an incident. 

• Loss of Attraction – Cover for the loss of gross earnings due to a downturn in potential customers following an Active Assailant incident 

• Extra Expenses – Cover for a range of extra expenses and costs likely to be incurred by an insured. 

• Bodily Injury/Death Benefit – Fixed Benefit for bodily injury and/or death caused by an incident. 

• Response Fees – The Cost of Critical Incident response from our market leading security consultants Crisis24, a GardaWorld company 

Aspen has a US$20m maximum line per head of cover for Piracy. Our product responds to Kidnap, Hijack and Extortion. We can also offer an optional extension to cover Loss of Hire following a Hijack.

Our Terrorism & Political Violence team offers first class service combined with an innovative approach. We are at the forefront of product innovation and aim to build mutually beneficial relationships with clients and brokers. We have a truly global portfolio and try to look at even the most challenging risks with an open mind. In an increasingly unpredictable geopolitical environment, we try to find the best solutions for our clients to protect their businesses.

Products

• Terrorism and Sabotage: USD75m line
• Strikes, Riots, Civil Commotion & Malicious Damage : USD75m line
• Full Political Violence including War : USD75m line

No, crisis management advice is offered on an unlimited basis  

No, we can insure a client for a 3 day trip or for a 3 year period    

USD 25m per insured event for kidnap & ransom 

USD 10m in the annual aggregate for crisis evacuation 

No, crisis management advice is offered on an unlimited basis so client’s can rest assured that help is on hand until the successful resolution of an incident 

We usually sell policies on an annual basis to cover the clients vessels for all their transits worldwide. However we can also create a bespoke policy to insure a client for one trip or an agreed number of voyages within a specific time period. 

Our cover extends to any person who is legally onboard the vessel at such a time an insured event occurs. 

As standard, Aspen Active Assailant responds primary to any other valid and collectible insurance. This means that clients can protect their current pricing and/or no claims bonuses on their general liability policies or otherwise. This may become particularly helpful as pricing in these markets hardens and cover is restricted. Where requested, we can amend this clause so that the policy responds excess or difference in conditions to other insurances. For UK clients, the cover will respond DIC/DIL to Pool Re. 

We see this product as the next generation of terrorism insurance. Our Active Assailant policy responds to terrorism as well as shooter events or random acts of violence. This includes the use of attacks involving explosives, vehicles and even aircraft. 

Typically, General Liability policies are silent on Active Assailant incidents, or exclude them. We believe it is better to have affirmative and comprehensive cover rather than relying on traditional policies, which may not respond at all.  

With the number and severity of incidents increasing, cover offered by All Risks products is likely to reduce further following the settlements of large liability claims. Many General Liability policies are increasingly adding assault and battery exclusions or firearms exclusions, which would preclude coverage from an Active Assailant Incident. Even in cases when this is endorsed back into the policy, the sub-limits offered are generally small, providing inadequate protection.  

The liability and defence costs within the Aspen Active Assailant Policy offers coverage written specially for this peril, so there will be certainty for the client. It is also possible that GL carriers will offer a discount on their renewals if insureds have Active Assailant liability cover in place.