NEW YORK CITY—Guiding you through risks and potential underwriting perils, Lance J. Ewing of AIG provides his market-spanning insights. A recipient of the Risk Manager of the Year for Business Insurance and Risk Innovator of the Year awards, Ewing is an internationally recognized authority on insurance, risk management, crisis management and risk financing, among many other insurance and risk-related subjects. At AIG, he serves as the leader for Hospitality and Leisure, as well as the Real Estate Industry Practice Groups.
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No one likes to feel missed. But an increasing number of corporate executives, sales personnel and managers are exposed to the possibility of kidnap and ransom. Real estate companies in a global growth mode are well aware of the risks that are present for foreign employees in certain countries. Companies that send their employees to lands known for protests against the United States, are rife with internal country protests and unrest, make the headlines for drug trafficking or have a history of kidnaps should review their internal policies on overseas travel.
If there is no corporate risk management policy for overseas travel or how to prevent/mitigate a kidnap or ransom then creating one should be a top priority. There are several resources, including the US State Department website, the American Society of Industrial Security Association, your insurance broker or agent or your insurance carrier, along with outside security experts that can help formulate your own company policy.
According to some sources over $500M is spent annually on ransoms for kidnaps around the world. A solid corporate kidnap and ransom risk management protocol is part of the equation but an insurance policy is of equal importance. It is the insurance policy you hope to never have to use but is front and center should an event occur. A kidnap and ransom insurance policy routinely covers kidnap, extortion, hijacking and detention.
The policy normally reimburses or pays for ransom money paid due to a kidnapping, covers accidental death or dismemberment occurring during the kidnapping, transit and delivery losses from the disappearance, confiscating of ransom monies being delivered, and may cover medical care, a company public relations company or counsel to assist with the media, salary reimbursement along with relocation and job retraining. Other expenses related to a kidnapping incident may be added to the policy. Kidnap and ransom insurance polices may have limits that reach $30M and by endorsement cover could provide emergency evacuation and global consultants to negotiate with the kidnappers.
The insurance policies for kidnap and ransom are wide reaching but having the policy gives a real estate company access to valuable risk control/prevention tools as well as protocols for what to wear and how to act in certain countries to blend in with the culture, customs and rituals. Preventing the kidnap should always be rule number one.
For more information contact your insurance agent/broker or your insurance company.
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Lance Ewing
Lance J. Ewing has extensive executive experience in the field of risk management and insurance including his current role as Vice President for AIG Property/Casualty. Lance leads the Hospitality & Leisure, as well as the Real Estate Industry Practice Groups for AIG. Prior to this position he served in senior risk management capacities for Caesars Entertainment Inc. (fka Harrah’s), GES Exposition Services and for the City of Philadelphia School District. Mr. Ewing additionally worked for various insurance companies including Lumbermen's Underwriting Alliance, Pennsylvania Hospital Insurance Company (PHICO) and New York Lumberman's Insurance Trust in risk management and loss control capacities. Mr. Ewing received his Master's degree in Law & Justice from the University of Pittsburgh and completed his second Master's degree in Occupational Safety Engineering. In addition to his Associate in Risk Management (ARM) designation and his International Certified Risk Manager (CRM) designation, he is a matriculated Chartered Property Casualty Underwriter (CPCU) candidate and has completed his Enterprise Risk Management Professional designation (ERMP). Lance was National President 2003-2004 for the Risk & Insurance Management Society (RIMS) and was also the Chief Risk Officer (CRO). He teaches risk management as a faculty member for the National Alliance for Insurance Education & Research. He also served as a Board member for the Certified Insurance Counselor (CIC) Board. Mr. Ewing was a member of the Willis Client Advisory Board, the Zurich Client Board and the AIG Advisory Board. Other board positions previously held include the Spencer Educational Foundation, the National Fire Protection Association (NFPA) Safety to Life Committee, the Environmental Risk Management Committee of the ASTM and the Public Risk Insurance Management Association. He has a scholarship in his name (Lance J. Ewing Educational Scholarship) for the Certified Risk Management International designation. Mr. Ewing was honored as the 2008 Risk Innovator of the Year and was the 2007 Risk Manger of the Year (Business Insurance). He has authored several articles on insurance, risk management, crisis management and workers' compensation. He is a frequent speaker on enterprise risk management, claims, disaster recovery and risk financing. In addition, he has testified in both Federal and State hearings on risk management legislation. He has spoken internationally to promote insurance and risk management in Croatia, Romania, Kosovo, Turkey, Spain, Italy, Switzerland, United Kingdom, Canada, Mexico, Bermuda, Australia, India, China and Japan. Mr. Ewing continues to be a strong and outspoken supporter of the insurance and risk management industry.
