Kidnap and Ransom
Kidnap and Ransom insurance is a specialty crime coverage that protects against financial losses that occur when an insured is threatened with kidnap, extortion or illegal detention domestically or abroad. We often think of high-level or high-profile executives who travel internationally as being most at risk for kidnapping. More recently, a trend in higher volume, lower demand “express” kidnapping has expanded the exposure to lower level employees and Travelers is involved in humanitarian, educational and religious missions.
Travelers Canada Kidnap and Ransom coverages can protect your organization against losses that result from kidnap for ransom and extortion. Such losses can include emergency evacuation, payment for ransom, extortion or hijacking payment, and payment for the services of experts trained in negotiation and related activities.
Any executive or employee who travels internationally may be at risk. The costs to recover from an event could be significant, even if no ransom is paid. Travelers Canada works with you to understand the risks and implement mitigation strategies and coverage solutions that make sense.
Who is this right for?
What's covered?
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Dedicated limits of insurance for kidnap and ransom
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These limits of insurance are not shared for an insured event:
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Kidnap for ransom
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Extortion for ransom
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Detention and hijack
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In transit/delivery
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Rest and rehabilitation expenses
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Personal accident
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Additional expenses
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Legal liability
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Loss of ransom monies – reimbursement of corporate and personal asset ransom money – the perils:
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Kidnap
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Bodily injury extortion
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Property damage extortion
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Products extortion
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Trade secrets extortion
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E-commerce extortion (including computer virus)
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Confiscation, destruction, disappearance or wrongful appropriation during ransom money delivery
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Expense reimbursement associated with an insured event:
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Fees for independent negotiators, interpreters, forensic analysts, legal services, public relations consultant
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Rewards
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Travel and accommodation costs
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Salary of a kidnapped, detained or hijacked employee
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Rest and rehabilitation expenses
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Interest costs for ransom loans
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Fees for security guards
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Fees for necessary medical service
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Special coverage features for peace-of-mind protection:
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Personal accident coverage for loss of life and bodily accident and disablement
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Legal liability coverage for awards, judgments and lawyer’s fees resulting from an insured event such as a hostage retrieval operation
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Fees and expenses of the crisis response firm paid directly by Travelers with no erosion of the insuring agreement limits of insurance
Crisis response support is included in our Kidnap and Ransom product
Consider where a company would turn for advice when confronted with a hostile event. A kidnap, extortion, detention or hijack situation can be a matter of life or death. A victimized company needs experts on its side to help navigate the difficult path to resolving such an incident. With Wrap+® Kidnap and Ransom coverage, clients automatically receive the benefit of a professional crisis response firm, SPS – Global Assistance Group Limited, at no additional cost.
Kidnap and Ransom coverage from Travelers and the associated crisis response services from SPS – Global Assistance Group Limited are designed to minimize the financial impact of a threatening incident to an organization and its employees. The coverage responds in three ways:
- Payment of ransom monies
- Payment of numerous specified expenses associated with the total impact of an incident
- Payment of the fees and expenses incurred by Consellis for its incident consultancy
Insights and Expertise
