Flexible kidnap and ransom insurance

13 February 2014

Kidnap and ransom insurance is seen as an essential component in employee protection for companies operating in high risk regions, but many don’t know how to organise it to get first class cover at the best possible value.

Bellwood Prestbury provide kidnap and ransom insurance to a wide range of corporate clients and individuals, offering flexible policies that ensure each client gets the cover that best suits their operation. These four examples, based on real client assignments*, show the wide variation in approach.

1. Engineering company operating in Iraq

This oil and gas company based in the UAE, designs, installs and maintains oil and gas equipment in Iraq. They need to be able to send any number of engineers or contractors at short notice to work on planned projects and cover emergencies.

To give them total flexibility over the number of active days in Iraq and the number of personnel covered, we provide a kidnap and ransom insurance policy that they can call off against, monthly in arrears. That means they are not paying for cover for people who are not in danger. They don’t need to know the names of contractors in advance. Paperwork is kept to a minimum, consisting of a monthly tally called off against a premium deposit.

As well as kidnap and ransom insurance, we also provide personal accident insurance on the same basis, providing death and disability cover, illness, medical expenses and medical repatriation cover whilst employees or contractors are in Iraq.

2. Investment company working in multiple high risk regions

We provide kidnapping cover for two directors of a UK-based investment company, which does a great deal of business in high risk countries throughout the world. Because of the high values of cover and the fact that the company does business in numerous high risk regions, a permanent annual policy for both named directors is the most cost-effective approach in this situation.

We also provide both directors with personal accident insurance that is graded depending on where the business takes them. This means that they only pay the highest day rate in areas like Afghanistan and Somalia and enjoy a decreasing day rate when their business takes them to lower risk areas like Dubai or India.

3. Worldwide cover for South American oil family

We have organised global kidnap and ransom insurance for the executives of a South American oil company, including members of their extended family. The policy provides protection when the executives are visiting production sites in high risk areas, but also includes cover against kidnap attempts on family members anywhere in the world.

4. Individual cover for a 4-week trip to Somalia

Sometimes individuals find themselves drawn to high risk areas without the protection of a company or organisation. In a recent assignment, we provided kidnap and ransom insurance for a young woman who was volunteering to join a research group studying post-conflict issues in Somalia. Her policy was a fixed term single country cover for the duration of her trip.

If you currently have kidnap and ransom insurance and would like to see if you could enjoy better value with simple admin (and often better cover too), then talk to our experienced independent kidnap and ransom team. They will quickly help you to find the best approach for your specific needs and can arrange same day quotations and cover where needed.

* We would never share the details of any client with kidnap and ransom insurance.

Share |

For advice for companies talk to us. For individual policies get a quote.

News Categories

Search filters