Kidnap, Ransom & Extortion Insurance Coverage Quote
Why You May Want A Kidnap, Ransom & Extortion Insurance Coverage Quote
Every day, insurers such as AIG and many others we collaborate with play a crucial role in safeguarding organizations and individuals who have opted for kidnap, ransom, and extortion insurance coverage. This protection extends to them and their families, whether they are at home or traveling abroad, in any and all countries. The insurance companies that ALIGNED Insurance brokers partner with possess extensive expertise and experience in providing kidnap and ransom insurance. They have dedicated teams of underwriters and crisis response professionals stationed globally.
Our insurers’ global presence enables them to make swift and effective decisions, ensuring they can respond at a moment’s notice in the unfortunate event of a crisis incident. This rapid response capability is invaluable in mitigating the impact of such incidents. Furthermore, the value of having access to world-class crisis response teams and the proceeds from insurance policies cannot be overstated. Many of our insurers also offer access to prevention and response services from renowned firms like NYA International, a specialist crisis response consultancy firm. These services are designed to help prevent incidents from occurring and to provide expert guidance and support when they do.
The combination of deep expertise, global presence, and access to top-tier crisis response and prevention services makes our insurers exceptionally well-equipped to protect their clients in the face of kidnap, ransom, and extortion threats.
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:
Aviation, Oil and gas, Energy and mining, Construction, Engineering Multinationals, Pharmaceuticals, Maritime, Higher education, 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 thousands of 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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- https://www.alignedinsuranceinc.com/kidnap-and-ransom-insurance-coverage-overview/
