Exposure - According to Information compiled by Control Risks
- Kidnappings of foreign nationals worldwide have increased by over 60% in the past ﬁve years.
- Most common victims include dependents and business employees.
- Largest known ransom demands worldwide in the past ﬁve years ranged between $20 million and $125 million.
Control Risks maintains databases with information on over 39,000 kidnaps and 6,250 extortion incidents including short-term hostage cases, hijacks, threats, bomb extortions, product extortions and product contaminations. These enable Control Risks to draw trends.
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
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 or deductible
Available in all states (non-admitted in SD and WA)
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