Managing general agent Tangram Insurance Services, together with London-based independent insurance broker Costero Brokers, has partnered with Brit Syndicate at Lloyd’s to offer kidnap & ransom and personal accident coverage through an exclusive facility.
All of Tangram’s appointed retail brokers in the US will be able to access the facility, which provides up to $50 million in kidnap & ransom coverage, and up to $2.5 million per person in personal accident & illness.
The coverages include extortion, unlawful detention, hijack, disappearance, hostage crisis, and threat response. In addition, the facility can offer up to $250,000 in cyber extortion limits, which covers extortion incidents from a computer attack, network disruption, as well as costs related to the recovery of lost data. It also provides coverage for related cyber incident response costs, business interruption expenses, and legal costs.
“We are excited to partner with our colleagues at Costero to offer Brit’s comprehensive crisis perils coverage. Brit is a market leader and we are thrilled to add them to our stable of trusted carrier partners,” said Tangram SVP, head of program development Tracy Bernard.
Bernard also said that she hopes the additional coverages “will be a sought-after solution” for Tangram’s partners, especially when they are not readily available from other markets.
“We are delighted to partner with Costero and Tangram on a facility that we believe can be catered for a broad range of client needs,” added Brit underwriter Bruno Schuoler. “We are thankful that Costero have selected Brit as an insurer with the knowledge and experience in a lead capacity, to provide access to underwriting expertise in this specialized field of insurance.”