Kidnap and ransom insurance for oil and gas
In the light of events in Algeria and Nigeria, more and more oil and gas companies are considering kidnap and ransom insurance for senior executives working in remote or potentially dangerous regions.
Bellwood Prestbury have recently organised kidnap and ransom insurance and personal accident insurance for a group of 26 oil and gas engineers in Iraq.
These senior international personnel are employed across a variety of occupations including oil field development, geology, engineering, finance and administration.
Peter Bellwood, Managing Director at Bellwood Prestbury, explains how kidnap and ransom insurance can help oil and gas companies to provide a better level of protection for employees working in potentially dangerous or exposed areas.
“Many people think that kidnap and ransom insurance is all about the payout, but what can be much more critical is the mediation process. From the minute an incident occurs, the insurance company appoints experts on the ground; people who are familiar with the territory and the cultural drivers. They will have a track record of success in bringing people out unharmed and will work carefully to secure a controlled release.”
“Obviously kidnap and ransom or contingent insurance as it’s sometime known is very sensitive. We can’t name clients because it could potentially make them a target. But we have arranged cover for many companies in Somalia, North Africa, Asia, South America and the Middle-east. We can organise cover so that it is only triggered when named executives are in risk areas, charged on a daily basis, helping to keep premium low and protection high.”
To find out more about kidnap and ransom insurance or the wide variety of oil and gas insurance options Bellwood Prestbury can help to organise, please email email@example.com