Wealth Strategies: Kidnap & Ransom Insurance - The Unspoken Liability
Milestone Wealth Management Ltd. - Jul 06, 2022
There are certain risks that we would potentially rather not speak of or plan for, given the devastating nature for vulnerable parties. One such topic would be kidnap and ransomware insurance for those that may be the target of such horrific crimes.
Thankfully, we can plan for such an event using insurance and it may cover a vast array of situations such as kidnap, extortion, illegal detention, hijacking, mysterious disappearance, hostage crisis, virtual kidnap, express kidnap, threat, child abduction, emergency political repatriation, and relocation.
The insurance coverage can provide for a variety of losses and reimbursements such as ransoms paid or lost in transit, defence costs for legal liability and advise, independent negotiator’s, interest on loans, rewards, public relations consultants, travel accommodations, security guards, medical expenses including psychiatric and dental care, cosmetic or plastic surgery, communication equipment and security guards at incident site.
In addition to the above, and perhaps most importantly, is also providing expert crisis management, many of which would entail 24-hour access to a dedicated crisis response team that would provide security consult and information prior to travel, critical support to family, employer and key decision makers during the event, real-time information and best practices strategy, and last but not least, safe return of victims.
Statistics show that 97% of victims return unharmed when a professional crisis management team is involved. For many individuals however, this would only be possible through the use of special risk, i.e., kidnap and ransom insurance.
Coverage can be attained in several forms including individual, family and corporate policies. Individual quotes can be requested from a qualified provider depending on the needs of the applicant.
As always, discussing your needs in advance with an insurance professional is the first step to ensure appropriate steps are taken.
Disclaimer: This information has been provided to give general guidance. For advice specific to your situation, you should consult with your insurance professional by reaching out to your Milestone insurance representative for further information.