Kidnap, ransom and extortion cover to protect your people wherever work takes them
Today companies and employees face many dangers, including kidnap and extortionists making violent demands for money. So it’s good to know Chubb’s kidnap, ransom and extortion insurance gives your company and colleagues maximum financial and security protection. Cover includes access to security consultants to help minimise risks to your team.
8,000
kidnappings take place around the world every year
$500 million
in ransom money is paid to kidnappers annually
RISK SCENARIO
Who it’s for:
Publicly traded multinational companies
Private firms sending executives overseas on business
Financial institutions
Non-profit organisations
Educational institutions
Services
In the event of a kidnapping or an extortion threat, you get instant support from leading international security consultants.
The Ackerman Group
The Ackerman Group is a world-renowned security consulting firm retained by Chubb to support our clients. You can contact Ackerman for consultation on security procedures and crisis management for extortion and kidnap threats.
What it covers:
Our kidnap, ransom and extortion policy provides comprehensive protection:
Cover for your company directors and officers; full-time, part-time and temporary employees; independent contractors; relatives of employees; and guests on the company’s premises or in an employee’s home
Reimbursement for kidnap, ransom or extortion payments
Expenses such as ransom delivery, legal liability, an independent security consultant, business interruption, investigation expenses, and much more
Access to risk management procedures and protocols, as well as expert advice to help you stay ahead of potential threats.
RISKNET™
RISKNET is Ackerman’s online risk forecasting service, analysing terrorism, crime and political stability risks in more than 90 countries. Features include:
The Executive Digest, a news bulletin of breaking developments that could affect your travel and overseas operations
Country summaries of current terrorism and crime threats, and politically unstable environments
The Airline Guide rates airlines on terrorism, hijacking and bombing risk factors
The City Guide covering more than 130 cities worldwide, it recommends the best way to get from the airport to town, how to travel about, and the safest hotels.
case studies
Kidnapped while travelling
Two expatriate oil surveyors were travelling alone by car along an unfamiliar road when they were stopped at a roadblock. Criminals, who were using the roadblock as a trap to rob passers-by, decided to up the ante when they recognised two foreigners and kidnapped the pair. One surveyor was released with a $5m ransom demand to take back to the company. The company selected its own security consultant, who was inexperienced and unfamiliar with the territory. The demand of $5m was ultimately paid. However, the negotiation of the safe return of the other employee took almost a year.
Ransom payment $5m, Expenses $500,000
Extortion threats from an anonymous source
A hotel company’s CEO received an anonymous letter threatening to blow up several hotels unless a payment of $1m was made. The letter appeared to be authored by a radical political group. Risk consultants were retained to analyse the letter and assess the level of risk. They advised that the risk should be taken seriously. The company heightened security measures at its hotels and with help from the local authorities, efforts were made, without success, to contact the extortionists. After four months another threat was made, and again contact was attempted. Eventually the extortionists stopped all communication with the company, and no further threats were made.
Extortion payment $0, Expenses $50,000
Chubb’s insurance policy responds to extortion threats to destroy, damage or contaminate a company’s property.
Abducted at home
The daughter of an executive living abroad was abducted from her home. The father was contacted by the kidnappers, who demanded $500,000 for her return. Fearing for his daughter’s safety, the father paid the ransom and she was released unharmed. When the executive’s company was informed of the incident, it called in its security consultant. The security consultant verified the incident and, in the process, concluded the family’s maid had been involved.
Ransom payment $500,000, Expenses $15,000
Chubb’s policy can extend coverage to an employee’s family members.
Why Chubb?
Why Chubb?
We’re kidnap and ransom insurance experts – and we care about your company
Whether your business is big or small, takes you around the world or just around town, Chubb is there for you. Our breadth of experience in kidnap, ransom and extortion insurance means we can provide the guidance and service you need, whenever you need it, wherever you may be.
Partnership that’s personal
We work to understand your business and where you’re heading so we can be proactive about meeting your needs. We invest in getting to know you, your team and your customers. The goal: to help you see ahead, be ahead and stay ahead.
Creative problem-solving
Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is always evolving because we’re always helping clients avoid risk in smarter ways. That means we bring the latest thinking and a fresh perspective to solving your challenges.
Unmatched expertise and financial strength
We’ve served clients and partnered with leading organisations for more than 200 years. Our longevity, expertise and financial strength are the bedrock of our business.
