Kidnap/Ransom and Extortion Insurance Policy
Companies recognize the need to be a part of the global marketplace, and
corporate employees conducting business outside their own countries expect
to encounter language barriers, exotic customs, and diverse negotiating
styles. What they cannot predict is political upheaval and the increasing danger of
abduction and extortion.The goal of our entire program is the safe return of the hostage or the
satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion
threat is a vital element of corporate risk management.
Coverages
Kidnap/Ransom and Extortion Insurance
Kidnap/Ransom Coverage
Kidnap/Ransom Coverage responds whether a person is actually abducted or
someone paid a ransom, thinking a person had been taken.
Extortion Coverage
Damage to any premises or tangible property located on the insured’s
premises. Contaminate raw materials or products of the client. Disseminate, divulge, or utilize proprietary information of the insured. Introduce a computer virus against an insured.
Delivery Coverage
Covers money or other conveyed property used to pay a ransom or extortion demand.
Additional Expenses
We extend coverage for additional expenses and legal costs accrued to gain
the release of a hostage.Those expenses may include fees of independent negotiators, interest costs
on loans taken for extortion or ransom payment, salary continuation,
consequential personal financial loss, and reasonable medical expenses.
Legal Liability Coverage
Protection in the event it is alleged the insured was negligent in a hostage
retrieval.
Political Threat Coverage & Response Expense Coverage
Coverage for expenses incurred when a person is wrongfully detained by
anyone acting for a government or with the government’s approval. Payment for expenses incurred when the insured utilizes the additional
services to investigate extortion threats when no monetary ransom demand
has been made.
