With the diverse range of security risks that businesses and their workforce face globally in an increasingly litigious society, it’s becoming more critical now than ever to have a robust and holistic security risk and crisis management strategy in place.
There is also an increasing need for companies to have expert resources available to call upon when required.
A crisis incident involves multiple stakeholders: the victim, victim’s family, the company including shareholders, directors, employees and the media.
The ability to manage an emergency situation anywhere in the world, whilst also trying to manage the various parties involved is a critical skill. Having a security risks policy in place which underpins a company or family’s crisis handling protocols will streamline this process and provide immediate professional response support from start to finish.
WHAT WE DO
Where your in-house security team may need additional resource and capacity to deal with such risks and threats, there is a unique insurance security solution now available which delivers bench strength to your existing in-house capabilities via unlimited access to a market-leading security company’s analytical, investigative and response teams.
With a cost-effective, one-off annual premium, you will have access to expert teams globally enabling greater business resilience.
Uniquely this insurance product can be triggered not only on occurrence of an insured event but also ‘on suspicion of or on imminent threat’ of an insured event.
We can support your business in identifying their security concerns and creating bespoke insurance solutions, ensuring that their policy wording, insurer and response consultant are best-suited for your needs.
And when the worst happens and a claim arises, we’re there every step of the way in advising you on the best course of action, assisting with information gathering and negotiating with the insurer to obtain the best possible claims settlement, by leveraging our superior product knowledge, insurer relationships and claims experience.
Part of our role will also be supporting you in implementing pre-incident preventative measures through training and security reviews to help mitigate the risk, all of which can be part-funded by a proportion of your insurance premium.
Clients wishing to purchase insurance for security risks need to ensure that they select a broker with the relevant skills, knowledge and expertise in their business sector. We believe insurance contributes to the growth of your business as well as providing crucial protection in challenging circumstances.
We find opportunities, where others see challenges. Our entrepreneurial culture and exclusive analytical ability helps clients to identify and realise opportunity in volatility. Here’s what makes us different:
- We pride ourselves on being accessible across all time zones. By the very nature of these insurances, we understand the great time-sensitivities involved
- Given the sensitivity and complexity for security-related claims, we advocate integrity, efficiency and confidentiality
- We have the tenacity and desire to disrupt the market status quo and drive the insurance market forward with cutting-edge solutions. We pride ourselves in being seen as market leaders
- We have a dedicated team of specialists around the world, focused solely on security risks, so you know you will always receive expert advice and support
- Our long-standing relationships with the specialist insurers in this field means that our market leverage for seeking alternative structures to ensure the most competitive and holistic coverage is available to you. We set the trends, not just follow them
- Our proprietary risk platforms and knowledge hubs are unique to the insurance market and can deliver you with critical risk insights
- Our brokers draw on our in-house analysts’ expertise to identify current risk trends and forecasted risk developments globally that may impact you or your business.
Malicious vessel seizure
A European-headquartered shipowner’s vessel was detained at a major port in South America, after an inspection revealed there were hidden drugs. A large fine was imposed by local authorities with a demand for immediate payment. The owner suspects some level of official complicity due to suspicious inspection activity during inspection.
An immediate on-the-ground investigation was conducted to identify the actors involved to see if they had made similar demands in the past and a security consultant was deployed to advise on how to delay payment. Key authorities were identified and discovered not to be involved. Control Risks then acted as liaison to enlist their assistance in applying pressure on port officials. Investigators and forensic specialists built a case for the client who proved the drugs were loaded after arrival at the port and that the client was not involved. The vessel was released without payment.
Following a software update on one of the control systems at a power plant, the company noticed a lack of connectivity between sites in the region and a reduced power output.
Cyber security consultants, who are available 24/7 to respond to emergencies any day of the year, were contacted and a cyber-investigation was launched both remotely and at site. The investigation uncovered a malware on the system allowing the hackers access to data on power generation and output and importantly an ability to control some of the systems at the plant. The consultants hand held the crisis management team and delivered a vulnerability assessment, advising on measures to isolate the incident and prevent further attacks.
Key risks your business or employees may encounter include:
We deliver results. We deploy all resources to help resolve complex losses and deliver claim payments. Our track record is unblemished.
Our clients have confidence that the insurance policies we arrange for them are expertly structured and written by experienced insurers with strong track records in paying claims. Our approachable brokers work alongside our meticulous CPS claims professionals who specialise in handling, managing and negotiating claims.
In the unfortunate event of a loss:
- You would have a single point of contact with overall accountability for all losses wherever they occur
- Our proactive claims handling process would help maximise your recovery under your programme, while minimising the intrusion and interference to your on-going operations
- We would leverage our strong relationships with the major leaders, loss adjusters and lawyers to help expedite the claims process
- You would have access to our sophisticated pre-loss consulting and effective post-loss recovery services.
Our starting point when structuring a new policy is to precisely understand your needs. Our brokers sit alongside a team of risk analysts drawn from security, technical and academic backgrounds.
Their substantial knowledge is utilised to help us understand the precise nature of your risk profile, thereby assisting us in determining the right insurance solution for your requirements.
Using ground-breaking modelling and rating tools, such as Sunstone and World Risk Review, our analysts can pinpoint risks, map exposures, analyse the risk triggers, and evaluate probable maximum loss (PML) ratios across a portfolio of assets.