Tag: Lloyds kidnap & Ransom
Kidnap & Ransom Insurance
Kidnap & Ransom: Crisis Management Insurance
The need of kidnap & ransom insurance. Kidnapping is a major source of revenue for professional kidnappers around the world. Latin America and Africa still report the most kidnapping cases annually, with Asia and the Middle East not too far behind. Individuals and companies residing or operating in this part of the world should be well aware of the dangers. As well as have adequate kidnap & ransom insurance to cover themselves and their families.
You do not purchase a kidnap insurance policy for just the ransom reimbursement; more importantly, it is the professional expertise offered through the insurance that makes it so essential. The negotiation between the family and kidnappers is essentially what determines the outcome of the crisis. Knowing the correct approach and how to respond at every stage is crucial to bringing about a positive resolution.
A kidnapping or hostage situation is obviously a terrifying and traumatic event. Having kidnap and ransom insurance helps ease some of the uncertainty by providing the crisis management and support tools. Crisis consultants are trained in kidnap response, hostage negotiation, threat assessment, security risk evaluation and also have of knowledge of the local area and region.
As more individuals and companies increase their security measures, criminals are using quicker and shorter kidnapping schemes. Express kidnapping is a common example, especially throughout Latin America. Tourists and residents alike are targeted, victims are taken hostage and forced to withdraw money from ATM, then shortly released.
Kidnap and ransom insurance policies include coverage for all types of kidnapping and extorti
- Express Kidnapping – Quick with no extensive planning or specific target.
- Political Kidnapping – Main purpose is to make governmental demands or for political power.
- Tiger kidnapping or robbery – Involves two victims, a hostage is taken to blackmail other victim to commit a crime.
- Virtual Kidnapping – Scam that involves use of victim’s stolen cellphone or personal information to make victim’s family or business think he/she has been kidnapped.
- High Profile or Net worth Kidnapping – Most elaborate kidnapping scheme, criminals target and study victim, gathering as much information as to personal habits, routine, and security measures
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