As you and your organisation make plans to relocate overseas, it's important to become familiar with the unique risks associated with living and working abroad. One of the risks easily overlooked is the possibility of abduction or kidnap and ransom.
Kidnap and ransom insurance is an area where expert knowledge and established market relationships pay dividends. A typical kidnap and ransom or abduction policy insures against:
When arranging a kidnap and ransom insurance policy, the people insured may need to undergo a training session with the insurer's appointed crisis management team. This makes sure they know how to behave during the stress of a kidnap and ransom or abduction situation, without putting themselves at additional risk.
Ransom demands can be overwhelming, with more than 14 countries recording cases of $25,000,000 or more in recent years. While kidnappers usually settle for a final ransom of between 10% and 20% of the demand, in certain territories, such as Russia, they may refuse to negotiate and use excessive violence to achieve their aims. Bellwood Prestbury International Insurance Service's extensive kidnap and ransom insurance policies offer as much security and peace of mind as is possible in the event of an abduction or kidnap and ransom demand.
Most kidnappings are carried out to get a ransom, and in most cases it's paid. A few kidnappings are politically motivated and not for financial gain, however, they tend to be restricted to war torn areas like Iraq.
Rescues from kidnap and ransom situations are rare, largely because the authorities in most countries recognise that the safety of the victim is paramount. Kidnap and ransom situations can happen anywhere.
You can rely on our experience in the specialist kidnap and ransom insurance market. You'll benefit from our long standing relationships, making sure you get the very best kidnap and ransom insurance cover possible. The first-class services you'll get make us the perfect partner for your organisation.
The risks vary from country to country, so we can advise you about the country your staff are to visit, the risks involved and the best kidnap and ransom insurance cover available.
Read the latest kidnap and ransom report from our specialist kidnap and ransom advisors [.pdf].