Business people making trips to high risk countries around the globe can put themselves at risk from kidnapping, ransom and other types of crises.
Over the last few years, 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 one of the key practical steps which companies 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 expenses.
- Assault – if an insured employee is physically attacked on the policy holder’s premises with a legal 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 the physical nature to 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’s no siege or individuals being held, the policy would not be able to offer any assistance.
Below is a list of summaried 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 – Brussels
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 rear entrance before Belgium 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-size organisation travelling in France was grabbed while walking to his hotel. He was driven to an ATM machine and forced to take out money.
For further information on these services, please contact us on 01274 515 747 or email us at email@example.com