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KIDNAP, RANSOM & EXTORTION

Why kidnap, ransom & extortion coverage?

Kidnap, ransom and extortion is becoming a much more common and serious threat for companies and individuals operating at home and abroad.

Exposure - according to information compiled by Control Risks

  • The average global ransom demand in 2021 was 43% higher than the pre-pandemic average recorded in 2019.
  • The highest recorded demand in 2021 was 269% higher than that recorded pre-pandemic (2019: $28.7 million vs. 2021: $77.3 million).
  • A key trend that will likely develop during 2022-23 and beyond is that of electronic ransom payments.
  • Control Risks anticipates that the upward trajectory in global kidnapping rates witnessed since 2019 will continue during 2022. 

Source: https://www.controlrisks.com/our-thinking/insights/kidnap-for-ransom-in-2022

Impact of an incident - questions to ask

  • Are you prepared to ensure the safe, timely and secure release of a victim?
  • Could you effectively liaise with all parties (law enforcement, families, other third parties)?
  • Can you cover the costs associated with a kidnap, extortion, detention or hijack event?
    • Fees of a crisis management and kidnap response firm
    • Independent communicator
    • Interest on loans raised to meet an insured loss
    • Travel costs to the country of which the event occurred
    • Independent psychiatric care and/or medical care

Risk management

Kidnap, ransom and extortion insurance is a prudent choice in dealing with the overwhelming consequences associated with a kidnap, extortion, detention or hijack. It provides the protection and peace of mind needed. Those who purchase a Kidnap, Ransom & Extortion policy through Victor receive crisis management corporate guidelines and a gratis subscription to Control Risks global risk data sites which provides continuously updated information on kidnap exposure and news, kidnap, extortion and illegal detention procedure guidelines, and an archive of monthly kidnap reports. Most importantly, rest assured, in the event of a crisis, their response to it will be guided by the world class Control Risks crisis response service, which since its foundation in 1975, has advised on over 2,400 cases in 125 countries and has accumulated, in deployed case days, over 125 years of experience. 

About our program

  • Limits: Up to $65 million
  • Minimum premium: $1,000
  • No retention of deductible
  • Availability: in all states (non-admitted in SD and WA) 
     

For more information about Victor's Kidnap, Ransom & Extortion program, connect with your Business Development Contact or email managementliability.us@victorinsurance.com.