Kidnappings and piracy have become big business. It is hardly surprising then that companies are becoming more interested in Kidnap & Ransom insurance: the rise in the number of incidents has led to many companies increasing their budget for personal security and insuring themselves against the eventuality of ransom or extortion money being demanded.
- It is estimated that worldwide there are between 25 and 30,000 kidnappings per year.
- Only 10% of all kidnappings are resolved without ransom.
- In 2014, 245 acts of piracy were carried out on ships.
- kidnapping (e.g. express and tiger kidnapping);
- extortion (e.g. personal, material and cyber extortion);
- hijacking of an aircraft, vehicle or vessel;
- urgent political repatriation;
- enforced disappearance.
On a global scale, there has been a spectacular increase in kidnappings, both in the number of occurrences and in the number of countries where they take place. After Mexico, the top ten high-risk countries include India, Iraq, Venezuela, Nigeria, Lebanon, Colombia, the Philippines, Afghanistan and Pakistan.
However, you may also be confronted by kidnapping and extortion closer to home, in the form of tiger kidnapping or express kidnapping, for example.
- all employees, directors, partners and members of the executive committee – not only of the policy-holding company, but all of its branches as well;
- Family members;
- guests, clients and domestic staff.
K&R insurance not only pays out money for ransom and extortion, it also reimburses expenses for engaging professional assistance in the event of kidnapping, piracy or extortion.
This assistance is provided by specialised crisis-response consultants operating worldwide. They are always available and together with you they will determine the actions to be taken and whether or not ransom should be paid. The insurer will never intervene in this.
In addition to the ransom and the crisis consultants, this policy also provides cover for:
- loss of ransom (in transit);
- accidents involving injuries or death;
- disruption to your commercial activities;
- legal expenses;
- additional expenses: fees, recall, tip-off money, travel expenses, etc.
Unlike many other insurance policies, no excess amount applies for a K&R policy. The premium depends on the nature of the risk, the level of risk of the visited country and the amount of the chosen surety.
The chosen surety applies per incident and there is no maximum per insurance period.
We treat your questions with the utmost discretion. All information is kept confidential and we regard your anonymity as a priority.