Tag: Kidnap Ransom & Extortion insurance
Kidnap Ransom & Extortion Insurance
As businesses continue to expand operations internationally and take on a more global dimension, the protection of key personnel, employees, and trade secrets must be carefully analyzed by management. With Kidnapping & Extortion becoming much more widespread and ransom demands reaching upwards of $100 million , today’s multinational corporations and international citizens are at increased risk. Kidnap, Ransom & Extortion Insurance provides a broad range of benefits and services for individuals and companies operating in both domestic and foreign markets, especially in high-risk areas around the world, such as Mexico, Colombia, Venezuela, Somalia, Madagascar the Middle East, as well as some parts of the Asia and Eastern Europe. Kidnap Ransom & Extortion policies offer coverage against the risk of a kidnap, extortion, wrongful detention, and other such events.
The insurance protection is provided through a combination of financial indemnification and expert crisis management. A typical policy can cover items such as ransom payments, hostage negotiations, medical and psychiatric care, loss of income, consulting fees, family counseling, rehabilitation and many other related expenses. These policies can also cover personal accident losses caused by a kidnap or hijacking; which includes death, dismemberment, medical expenses and permanent total disability.
Kidnap Ransom & Extortion Insurance not a New Concept
Kidnap Ransom & Extortion Insurance has been around since 1932. It was first offered by Lloyd’s of London, after the Lindbergh baby was kidnapped, however it was only offered to a small number of people and companies fitting certain criteria such as great wealth. A lot has changed since 1932; more companies and individuals are realizing the importance of managing these risks to help mitigate the substantial costs associated with a ransom or extortion payment.
Today, Kidnap for ransom is big business and kidnappers and extortionist do not discriminate.
Confidentiality is a top priority for us, For more information visit: www.atlasunderwriters.com