Response to New UK Government Counter-Terrorism and Security Bill
Proposed UK Legislation to Prohibit the Reimbursement by Insurers of Ransom Payments Made In Response to Terrorist Demands
On 26 November 2014, a Counter-Terrorism and Security Bill was introduced to Parliament. The Bill aims to give the UK police and security services greater powers to combat terrorism. Under the proposed new legislation, it would be a criminal offence for insurers to reimburse ransoms paid in response to terrorist demands.
In this briefing Marsh’s UK Special Risks team give their perspective on the effect this legislation might have on kidnap and extortion insurance policies.