Kidnap and Ransom Insurance
Protection and professional help when the worst happens
It used to be that kidnapping, ransom and extortion were the stuff of movies. Sadly that’s no longer true. Mining operations in Central and South America, as well as companies with activities in Africa, Asia or the Middle East for example, are all vulnerable to kidnapping or extortion by criminals. Mexico, Nigeria, Venezuela and Pakistan are particular ‘hot spots’. As globalization continues and corporations move into some lawless parts of the world, more and more executives and their families can be the victims of criminal activity, kidnapping or terrorism – in fact 61% of all kidnaps globally are of employees and their dependants.
Without wishing to scaremonger, it really can happen to anyone – from middle-ranking executives to board members. However, the good news is that you can help protect your personnel and your company with Kidnap, Ransom and Extortion Insurance from Axis Insurance Managers Inc. Having a kidnap and ransom insurance policy not only gives you peace of mind, but also makes strong commercial sense.
Dealing with a kidnapping or hijacking, negotiating with criminals or rescuing hostages can be incredibly expensive and takes a lot of experience and very particular skills. Kidnap, Ransom and Extortion Insurance means that when trouble strikes, you have the very best people on your side. When you purchase a kidnap policy from Axis Insurance, we will appoint a specialist service provider and experts in hostage recovery such as Control Risks International – and we’ll give you their emergency number at the start of the policy. That way, in the event of a kidnapping or hijack taking place, you can call the specialists direct, with just your policy number, to take immediate control of the situation. All the fees and expenses incurred by the specialist are unlimited following an insured event and they work completely independently of Axis Insurance Inc. Thankfully 93% of all kidnaps are ended successfully.
As you would expect Kidnap, Ransom and Extortion Insurance coverage offered by Axis Insurance Managers Inc. covers all employees and their immediate families all day, every day for 365 days of the year - whether they are traveling on business or for pleasure. Coverage can also include consultants working for your company. Axis Insurance can tailor-make a policy to suit your company’s particular needs – it’s not just a one-size-fits-all insurance. Coverage is available globally including for some of the world’s most troubled places like Latin America, Africa, North Korea, Afghanistan and Iraq – even if your company is based in Canada or the US and you’re only in another country temporarily.
In a kidnap, extortion, hijacking or terrorism situation, both Axis Insurance and its specialist consultants’ greatest concern is the safety and wellbeing of the hostage. Our aim is to assist in securing safe release with as little disruption and financial loss to the victim’s family or your company.
Benefits of Kidnap, Ransom and Extortion Insurance coverage include:
- All directors, officers and employees of the insured entity and subsidiaries and any person residing in or visiting their home. Also the family of the insured, any guest or customer travelling or visiting them and their consultants
- Mitigation of any financial impact to your company due to ransom payments or related expenses
- Immediate access to expert security consultants to assist in the recovery
- Reimbursement of ransom monies, loss in transit of ransom monies, fees for professional negotiators, legal advice and liability, death or dismemberment, recall expenses, repatriation expenses and additional expenses
- Coverage in the case of negligence in the prevention of the incident
- Protection against extortion company persons, property, product contamination and computer systems
- Reimbursement for expenses such as hostage negotiating fees, lost salary, consulting fees, PR consultants, death and dismemberment fees, medical costs, accidental loss, rehabilitation, travel, counselling, etc.
- Political repatriation when the insured is told to leave the country by governments for non-medical reason
- Advice and information on prevention, training, assistance to employees in travel safety and site security surveys (although some of these services may be at an additional cost)
- Electronic monthly bulletin on the changing security environment (depending on the insurance company chosen)
- Full, worldwide coverage – even it is away from your normal operating areas. Your company might be based in the US or Canada, but your staff might need to visit Mexico or Africa etc at very short notice
As with every insurance policy there are different options, policy wordings, enhancements or amendments available. Your Axis Insurance manager will be able to help create a bespoke policy to suit your requirements exactly.
To find out more about protecting your company, employees and consultants from kidnapping or ransom, or to discuss your existing insurance policies, please give one of Axis Insurance’s professional and experienced team a call at 604.731.5328 or email: firstname.lastname@example.org. We would also be pleased to outline the benefits of Kidnap, Ransom and Extortion Insurance with your management team or board members. If you would like to schedule a meeting or request an application form, please contact either Clive Bird directly at: 604.708.6245 or David Marsh directly at: 604.708.6242.