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