London, UK (24 November 2014) –– Specialist global insurer Hiscox has welcomed today’s announcement from Home Secretary Theresa May that a new Counter-Terrorism and Security Bill will be introduced to Parliament this Wednesday.
The Hiscox position on kidnap and ransom cover has been and remains clear. Our policies already exclude reimbursement for any illegally paid ransoms which, under current law, would include payments made to proscribed or terrorist organisations. This policy is in line with the UN’s position which has prohibited the reimbursement or payment of ransoms to proscribed terrorist organisations for a considerable amount of time, and Hiscox, like the rest of the London Market has and continues to operate under these parameters.
Along with our partners Control Risks we therefore welcome the clarification the UK government is proposing. It reflects our approach and we will continue to provide our clients with the support and expertise they need, should the worst happen.
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