Crisis Management, Kidnap & Ransom
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Business people making trips to high-risk countries around the globe can find themselves at risk from kidnapping, ransom and other types of crises.
Over the last few years (excluding the last 12 months or so), a changing security climate within the UK has also made Crisis Management, Kidnap & Ransom Insurance relevant to those travelling within the country, as well as overseas.
Crisis Management, Kidnap & Ransom Insurance policies
Crisis Management, Kidnap & Ransom Insurance effectively provides a safety net when crises occur, covering costs which can arise in the process of calling upon specialised assistance; typically, these are legal expenses and other costs which are not covered by any other policies.
Crisis Management, Kidnap & Ransom Insurance is a form of business insurance and is typically taken out to cover personnel deemed the most valuable assets to commercial organisations. It is an extension of the duty of care which a company has to its workforce, including employees on overseas assignments, local nationals, subcontractors, and even their families. Crisis Management, Kidnap & Ransom Insurance can represent a key practical step which companies can take to meet their employees’ health, safety, security and wellbeing needs.
Crisis Management, Kidnap & Ransom Insurance coverage includes the following:
- Hostage crisis – if somebody enters a public or commercial space and holds an employee against their will, the policy would cover the response assistance from consultants which would be required, as well as other related expenses.
- Assault – if an insured employee is physically attacked on the policy holder’s premises with an illegal weapon, costs pertaining to an interruption of business, as well as extra expenses, are covered.
- Threat – when a threat is made against an individual, ranging from those of a physical nature to those of a more psychological perspective whereby private and confidential information could have been obtained, help is typically needed from specialised consultants.
Crisis Management, Kidnap & Ransom Insurance can be key to covering the financial consequences of an individual being held against their will; be it via a siege, kidnap, hijacking or extortion. It should be noted that in the case of terrorist incidents where there is no siege or individuals being held, the policy would not be able to offer any assistance.
Below is a list of summarised claims scenarios:
Threat response – United States
The receptionist at a small service company answers a call from a displeased customer. They threaten to blow up the office. No demands were made or response was requested by the caller.
Threat extension – Australia
Client receives threats from outside the business to harm employees. It subsequently became clear this was due to the client’s company terminating a third-party contract.
Hostage crisis – Belgium
A business director and store manager meet in a café. Three attackers enter the café carrying automatic rifles and tell the café manager to close. The director and store manager are among 36 people inside. The attackers demand that all military forces leave Iraq within 48 hours. News media broadcasts hostages escaping out of the café’s rear entrance before Belgian armed forces enter the café and declare the incident over. The director is confirmed as being wounded and the store manager is unharmed but emotionally traumatised.
Assault – UK
Two assailants forced their way into the offices of a media company, armed with assault rifles and other weapons. They injured 11 people.
Express kidnap – France
The director of a medium-sized organisation travelling in France was grabbed while walking to his hotel. He was driven to an ATM machine and forced to withdraw money.
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