World over, terrorist activities have been increasing substantially over the last few years. Kidnapping for ransom money is also on the upswing. Whilst certain countries are more notorious for their criminal and terrorist activity, today no part of the world is immune from this threat. Kidnap, Extortion and Detention are real dangers for companies today. They are, however, often overlooked by managements on the grounds that “it won’t ever happen to us”, but the damage this can inflict on a business can be very severe – as the annual roll call of corporate and individual victims around the world testifies.
While no insurance cover can ease the emotional and physical pain, Kidnap & Ransom cover can help ease the financial burden and resolve issues smoothly. Kidnap and Ransom insurance provides assistance to the family and business with regard to independent investigations, negotiations, arrangement and delivery of funds, and numerous other services vital to a safe, speedy and satisfactory resolution.
Extortion Insurance will help you manage the costs associated with an extortion threat against your products, proprietary information, computer system or your people – these costs can be enough to push a small to medium-sized company to its financial limits. Consequently, adequate protection against these events in the form of specialist advice and the safety net of an insurance policy has quickly become essential for vulnerable families and an integral part of every company’s risk management portfolio. The specific policy details may be tailored to meet specific needs. Access to a specialist crisis management company is a key benefit under the policy.
The coverage includes:
*Ransom and extortion payments as a result of kidnapping, extortion and hijacking
*Loss of the payment while being delivered
*Expenses incurred as a result of the demand, including independent negotiators fees and expenses.