Wrap Technologies (NASDAQ: WRAP) and XINSURANCE have announced a strategic partnership to develop the WRAP Safe Response Program, a certified operating standard for organizations that employ or contract security personnel. The program aims to establish a documented standard for training, equipment, and response before encounters escalate, targeting a U.S. workforce of approximately 1.28 million security guards across various sectors, including corporations, healthcare systems, schools, retailers, hospitality properties, transportation networks, and critical infrastructure.
The initiative follows a June 15 ruling by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) that classified the BolaWrap 150 as neither a firearm under the Gun Control Act nor a weapon under the National Firearms Act. This ruling removes a federal barrier to its use as an early intervention option for unarmed security personnel, potentially expanding the market for non-lethal tools in private security.
Under the partnership, WRAP will own, certify, and audit the Safe Response standard. Organizations can adopt the standard for their own security operations and require contracted security providers to certify personnel under the program. XINSURANCE will handle insurance activities contemplated by the program, including product design, underwriting, pricing, placement, policy servicing, and claims. This model expands WRAP's addressable market beyond law enforcement by enabling enterprises carrying security-related risk to establish the standard across their properties and contracted security operations.
The BolaWrap 150 is a non-lethal restraint device that deploys a multi-sensory distraction of sight and sound as a first response, followed by a non-lethal restraint if further escalation is required. It is not pain-based compliance and does not shoot, strike, shock, or incapacitate. Instead, it helps officers or security personnel strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. The device is used by over 1,000 agencies across the U.S. and in 60 countries, and its training is certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST).
The program's significance lies in its potential to standardize how private security personnel handle non-criminal encounters, which could reduce injuries and liabilities for organizations. By providing a certified standard, WRAP and XINSURANCE are addressing a growing demand for non-lethal tools and techniques in the private security industry. This move could also influence insurance underwriting for security operations, as XINSURANCE's involvement may lead to more favorable coverage terms for organizations that adopt the standard.
For more information, the full press release is available at https://ibn.fm/lvlln. Additionally, updates on WRAP can be found in the company's newsroom at https://ibn.fm/WRAP.
