Kidnap and Ransom Insurance
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Kidnap and Ransom Insurance For Alberta Businesses
Leibel Insurance Group offers Kidnap and Ransom (or K&R) insurance that is designed to protect individuals and corporations from the costs associated in kidnap and extortion situations around the world.
Countries that have a consistently elevated rate of kidnappings and / or extortion continue to be Afghanistan, Brazil, Honduras, India, Mexico, Nigeria, Pakistan, Philippines, Somalia, Venezuela and South Africa.
If your company is expanding globally, than so are your exposures. Companies that have international operations or executives and staff who travel can be targets for kidnappers and extortionists; and with growing technologies, fast paced markets and world financial ups and downs, companies today have a higher risk for loss making Kidnap and Ransom Insurance a necessity.
Kidnap and Extortion Are Very Real Threats
Imagine if your boss, colleagues or staff were put in a kidnap or extortion situation. What would you do? How do you pay for the costs to ensure their safety? Demands for ransom and the related costs associated with managing a kidnapping crisis can run in the tens of millions of dollars.
Financial impacts to your business can be devastating and large global companies aren’t the only ones at risk. Small businesses can be victims of violence or extortion as well. A Kidnap and Ransom policy can cover costs relating to events such as:
- Kidnap and Ransom – seizing an individual with the intent to demand money in return for the individual’s safe return
- Wrongful Detention – Confining an individual against his or her will for reasons other than kidnapping, often by a government or quasi-government entity for political aims
- Extortion – demanding money with the threat to injure or kill an individual, damage property or divulge trade secrets (applicable to business travel)
- Hijacking – holding an individual for an extended period of time against his or her will on an airplane, motor vehicle or ship
K&R Insurance policies provide coverage for expenses incurred as a result of a kidnapping, such as monies paid to kidnappers or extortionists, and loss of ransom in transit. Coverage can include:
- Ransom and extortion monies paid as a result of a kidnapping or extortion threat.
- Payment for kidnappers or extortionists lost during
- Expenses coverage: including expenses by independent negotiators, travel and accommodation expenses.
- Legal liability coverage in the event the insured was negligent in a hostage retrieval.
Specific coverage can include
- Public relations costs
- Security guards
- Lawyers & defense costs
- Negotiator & consultation fees
- Ransom payments
- In-transit ransom money delivery coverage
- Loss of income
- Medical treatment.
- Rehabilitation costs
- Accidental death or dismemberment benefits
Are you prepared for a threat? There are measures you can take to mitigate the risk for a Kidnap and Ransom loss by your company.
Kidnap and Ransom losses are unpredictable, here are a few ways to help prevent a loss from happening:
- Hire a security firm for advice, training or providing security for employees
- Train and develop policies and procedures on how to deal with threats
- Enhance security and the security systems in place within your place of work
- Establish a crisis management team to oversee planning and coordination
- Provide kidnap prevention, conflict-management, self-defense and survival training for employees going overseas
- Research prior to traveling on your place of travel. Know where the Embassies are and foreigner policies that are in place in that country
- Purchase Kidnap and Ransom Insurance
With most Kidnap and Ransom instances, kidnappers take foreign travelers captive in order to make a profit, not with the intention of harming anyone. Having the right type of coverage will give you and your loved ones peace of mind with the knowledge that if disaster strikes you’ll have the financial resources to get home safely.
Contact Leibel Insurance Group to get coverage to protect your company and employees against threats and terrorist activities.
Call Us at (587) 805-0335
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