KIDNAP & RANSOM INSURANCE
Talk to Our ExpertsWhat would you do if an employee were kidnapped and held for ransom? This may seem like an impossible question, but for organizations or individuals that travel internationally, this is a very real concern. Volatile political environments, shifting regulatory environments, unclear legal structures, natural disasters and byzantine tax laws all create a wide range of challenges in the global risk environment. To successfully navigate the global risk landscape, organizations need an experienced risk management partner to help develop and maintain systems and resources tailored to their risk exposure. Let AHT help you feel confident answering the question, what would you do?
WHAT IS KIDNAP & RANSOM INSURANCE (SPECIAL RISKS)?
Kidnap and Ransom insurance, often referred to as K&R or Special Risks insurance, is a policy intended to protect individuals, families, and organizations against a variety of security risks, including threat of violence, extortion, home invasion, disappearance, wrongful detention, child abduction, as well as kidnap for ransom. Political or security evacuation can also be included in the policy.
WHAT DO COVERAGE COSTS INCLUDE?
- Ransom
- Enhanced security at locations under threat
- Salary continuation for abducted personnel
- Cost of security/political evacuation
Importantly, the policy covers the expenses for a best-in-class security consulting firm to respond on behalf of the policy holder to help manage covered critical incidents.
WHO IS A GOOD FIT FOR KIDANAP & RANSOM INSURANCE?
Families concerned with safety and security
Frequent international travelers
Organizations with global travel and/or high profile management teams or board members
COVERAGE EXAMPLES:
THREAT
The CFO of a small healthcare firm who was also a father and husband in California began to receive threatening emails from an ex-employee. The letters implied that unless the member of staff was given his job back, he would harm the CFO’s family. At the same time, letters with similar content began to arrive at the family home.
COVERAGE
Security measures for the family’s home and CFO’s work were immediately implemented. Crisis responders began investigations into the nature of the threats to determine the legitimacy and it was determined they were legitimate. The response team produced detailed reports about the events and submitted them to the authorities resulting in an arrest and court case.
EXTORTION
The daughter of a policyholder received an unusual message on a social media site. It demanded $35,000 USD or she would be harmed at school, and it listed the school she attended.
COVERAGE
As the message mentioned the academic institution, it was deemed necessary to provide the daughter with covert protection for the following days. Crisis advisors began investigations, and it was revealed that the extortion and the threat were a hoax from a well-known organized crime group.
KIDNAPPING
A family on holiday in Mexico were stopped by an armed gang when withdrawing cash at an ATM. The wife was forced into the gang’s vehicle and driven around the city being forced to withdraw sums of cash from the family’s bank account. The wife was left in a dangerous part of town.
COVERAGE
Crisis responders located the wife after 6 hours and provided safe transit back to the hotel where they provided temporary security for the family, organized safe flights out of Mexico, and escorted them to the airport. They received financial reimbursement and the wife’s trauma counseling costs were covered.
HOME INVASION
A family home was illegally entered by two armed men early in the morning. They refused to release the wife unless the husband went to his place of work and brought back a sum of cash being held on premises.
COVERAGE
Post event security response reviewed the premises and investigated the perpetrators, resulting in them being detained by authorities. Full financial reimbursement and psychological counseling coverage was given to the couple.
WE UNDERSTAND THE INS AND OUTS OF YOUR RISKS
AHT’s IADO Practice Group brings unrivaled experience and knowledge to support the risk management needs of organizations as they implement programs in challenging locations around the world. With IADO clients operating in over 80+ countries, AHT has proven experience supporting risk management in the world’s most challenging environments. As the leader in IADO risk management, AHT maintains strong knowledge of insurance trends and best practices impacting those operating globally and particularly in higher risk environments.
IADO PRACTICE LEADERS:
OTHER HELPFUL INFORMATION:
JOE GLEASON
Director of Risk Management
Learn More about Joe
MIKE KELLY
Senior Vice President & Shareholder
Learn More about Mike