Kidnap and Ransom Insurance Coverage Simplified
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A kidnapping abroad is a terrifying concept. Assailants may leave you bound and gagged in a dark room or they might threaten you with torture to persuade negotiators to comply. Kidnappings and ransoms have increased all across the world as more people turn to extreme methods of getting money. While many travelers feel they do not possess enough money to be targeted for kidnap and ransom, the truth is that a majority of kidnap and ransom victims have fairly average incomes. If someone is worth enough money to travel, they are worth enough to kidnap and hold for ransom.
Scope of Kidnap and Ransom Insurance Coverage
Kidnap and ransom insurance coverage can include coverage for:
- Officers, directors and employees, their guests, relatives, and any person delivering or handling ransom money
- A broad range of claims including:
– Wrongful Detention
– Extortion (against persons and property)
- Coverage to employees and relatives around the clock, whether business related or otherwise
- The insured for expenses/ransom once a covered crisis is over and receipt of payments made are received
A Real Claim Scenario: Kidnap and Ransom Insurance Coverage
A company sent an employee to visit Brazil and explore a new business opportunity. On the third day of the visit, the employee is kidnapped and the company is notified that the employee is being held for a ransom of $1 million. The company immediately called the 24/7 emergency hotline and two NYA International consultants are sent to work hand-in-hand with the company’s management team. After five days of negotiations, the employees are released for a ransom of $500,000. The company submits its proof of loss to the insurer (AIG in this case) and was reimbursed the ransom amount in full.
An ALIGNED Advocate can provide expert guidance about kidnap and ransom insurance coverage as well as risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|