Kidnap, Ransom & Extortion Insurance Coverage Quote
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Why You May Want A Kidnap, Ransom & Extortion Insurance Coverage Quote
Every day, insurers like AIG help protect organizations and individuals who have purchased kidnap, ransom & extortion insurance coverage when they and their families are at home and abroad in any and all countries. Insurance companies around the world that ALIGNED Insurance brokers work with have of deep, expertise and experience in providing kidnap and ransom insurance and have dedicated teams of underwriters and crisis response teams globally . Our insurers have a global presence means they can make fast and effective decisions, with the ability to respond within a moment’s notice in the unfortunate event of a crisis incident. In addition, to the value of having access to world class crisis response teams and insurance policy proceeds many of our insurers provide access to prevention and response services from like NYA International, a world-class specialist crisis response consultancy firm.
Real Kidnap, Ransom & Extortion Insurance Coverage Claims Scenarios
Kidnap, Ransom & Extortion Insurance Coverage Claim #1
Two employees of an international construction company were abducted while returning to their work camp in Nigeria, despite the precaution of a police escort. The kidnappers demanded NGN100 million (USD 623K) for their release. The insured called their insurers crisis centre hotline and they deployed personnel immediately to both Nigeria and the client’s headquarters. The crisis team assisted in negotiations and, after 20 days, secured the employees’ release for a payment of $125,000. The insurer reimbursed the insured $195,000, which included the ransom, medical, and rehabilitation costs, and payments to local officials to assist in delivery of the ransom.
Kidnap, Ransom & Extortion Insurance Coverage Claim #2
The head of a wealthy family in received several calls demanding the disclosure of business details and a US$1 million payment or the extortionists threatened to release information about the company and/or kidnap their eight year old daughter. Their insurers crisis response team immediately deployed to the insured’s residence; they provided a complete risk assessment of the insured’s home and business, together with a protocol for handling future calls. Their insurers crisis response service provider continues to monitor the matter, but no further calls were received.
Kidnap, Ransom & Extortion Insurance Coverage Claim #3
An international shipping company had one of its ships hijacked by Somali pirates off the coast of Yemen. The pirates demanded US$50 million to release the vessel. The insurers crisis response team deployed personnel immediately to the insured’s corporate offices. After several months of negotiations, the vessel was released for a $9.5 million payment. The insured’s policy had a $5 million ransom limit, which the insurer reimbursed to the insured in full. The insurer also reimbursed the client an additional $2.75 million for covered expenses.
Who Can Kidnap, Ransom & Extortion Insurance Coverage Protect?
Kidnap, ransom & extortion insurance coverage is broad coverage to protect the full spectrum of individuals affected by a wide range of crises. This can include organizational officers or directors, employees, their guests and relatives, as well as volunteers and those handling demanded payments.
Industries that most commonly request a kidnap, ransom & extortion insurance coverage quote are:
Oil and gas
Energy and mining
Construction and engineering
Charities, Faith based organization, NGOs, and other similar organizations
How Much Does Kidnap, Ransom & Extortion Insurance Coverage Cost?
The cost of kidnap, ransom & extortion insurance coverage differs based on numerous factors including the amount of insurance desired, location, reason, length of travel, number of covered people etc. but minimum premium are typically $1,000 per million of coverage.
To learn more about kidnap, ransom & extortion insurance coverage or for a kidnap, ransom & extortion insurance coverage quote speak to an ALIGNED Insurance broker today at 1-866-287-0448
|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.|
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