Professional Indemnity, Liability, Accident and Illness, Medical Evacuation, Repatriation, Corporate Kidnap, Extortion & Detention Insurance for Private Military Contractor's (PMCs &/or PMF) operating Worldwide including Iraq and Afghanistan.
Coversure Insurance Services (Reigate) offer specialist insurance covers for Private Military Contractors and Close Protection Operatives operating in unstable countries including declared war zones such as Iraq, Afghanistan and its neighbouring countries such as Saudi Arabia, Kuwait, Oman, Jordan and anywhere there's risk (i.e wealthy business professionals, aid workers, politicians) or valuable natural sources (i.e oil, gold and precious stones).
The policies are underwritten by a panel of specialist insurers including certain syndicates at Lloyds of London via a Lloyds Accredited Broker (London Specialist Wholesale Division) of an International Insurance Broking Group which Coversure Insurance Services (Reigate) became an authorised 'client-facing' insurance broker in February 2008 following on from its niche expertise in UK Security Risks and an expanding client base seeking to operate outside the UK for which traditional composite insurers are unable or unwilling to underwrite.
Insurance Underwriters are able to underwrite both Operational PMCs (using fire-arms inc. Missile/Grenade Launcher) as well as Security Services (non-operational and guarding buildings with guard dogs/small arms/unarmed). The Professional Risks (Professional Indemnity Insurance) policy can be extended to provide wider cover than the usual 'errors and omissions' of the security firm and its operatives, as quite often Private Security Operations require the PMCs to arrange Employers and General/Public Liability, Weapons Cover (use of, ownership risks & weapon sales), Auto Liability (standard spec & armoured vehicles).
For Professional Risks the Limit of Indemnity (LOI) available ranges from £1,000,000 (One Million GBP) to £15,000,000 (Fifteen Million GBP) with deductibles from £50,000 (Fifty Thousand GBP) to £500,000 (Half a Million GBP). Typical premiums for £3Million LOI start from around £35,000 with a £100,000 deductible and Terrorism Cover can be written back into the policy for an additional premium.
Personal Accident and Sickness Insurance (including medical evacuation and repatriation of body) is available with up to £250,000 Capital Benefits Sums Insured. The premium is often rated and underwritten on a declaration basis typically rated at £175 (One Hundred and Seventy Five GBP) per operative/per week. Applications are made by each operative completing an individual proposal form.
Kidnap and Ransom cover (Corporate Kidnap, Extortion & Detention Insurance) is usually available readily for limits of indemnity up to £1,000,000 (One Million GBP) and premiums can start around £20,000 (Twenty Thousand Pounds GBP). Again, this is subject to an acceptable proposal form, terms and conditions may apply as with all the aforementioned classes of insurance and increased limits of indemnity will be considered by underwriters upon request.
It is essential that this type of 'Insurance Risk' is presented correctly to insurers in order that the best and most appropriate cover can be offered and at the most competitive rate available. With this is mind Coversure Insurance Services (Reigate) offer PMCs a bespoke and personal service in order to take the time and due diligence in obtaining the full information required to present the full facts, business activities and associated risks in order that Coversure (Reigate) can seek and obtain the best possible cover available in the UK London Insurance Market.
Coversure Insurance Services (Reigate) is authorised by the Financial Services Authority (307359) and approved to give advice to non-UK domiciled companies with UK branches requiring General Insurance (Non-investment insurance contracts) for activities anywhere in the world subject to local rules applying in each particular country of operation.
Policyholders are required to comply with the Private Security Industry Act 2001 and obtain appropriate licences from the Security Industry Authority (SIA) in respect of UK Only contracts. PMCs based and operating from outside the UK are therefore exempt and insurers will recognise this accordingly.
I can also arrange standard Employers & Public Liability Insurance for Close Protection Operatives (UK ONLY) with QBE Insurance (Europe) Ltd and the Public Liability Premium starts at £5,250 inc IPT.
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