Protecting your employees and corporate assets is a serious business. In most organizations, few people fully follow the exposures involved in kidnapping and extortion. But extortion, crime, and political instability are facts of life that corporate leaders must deal with when transacting business in an increasingly global and, unfortunately, hostile environment.
Chubb kidnap/ransom and extortion insurance protection features include:
- Kidnap/ransom coverage — We reimburse clients for property or other considerations surrendered as a kidnapping ransom payment. In addition, a ransom demands can trigger the expense coverage section of our policy to assist in dealing with a kidnapping.
- Extortion coverage — Chubb reimburses clients if they make an extortion payment to mitigate or remove a threat. Our policy is triggered by an extortion threat to:
- Damage or destroy any premises or tangible property located on the customer’s premises. Contaminate raw materials or products of the customer.
- Abduct, detain, or harm a customer’s employees or their relatives.
- Disseminate, divulge, or utilize any proprietary information of the customer.
- Cyber extortion coverage — Chubb reimburses clients for an extortion payment made for cyber threats that threaten to:
- Disseminate, divulge, or utilize a client record held by the customer.
- Alter, damage, destroy, or render unusable data owned by the customer.
- Political threat coverage — Chubb also provides insurance for politically motivated threats to harm a customer’s employees or their relatives by a person or group:
- Acting as an agent of, or with approval from, any government or government entity.
- Acting, or purporting to act, on behalf of any political terrorist or insurgent party.
- Ransom delivery coverage — Chubb’s policy insures the money or other consideration used to pay a ransom or extortion demand while it is being delivered.
- Expenses coverage — Our policy indemnifies the client for additional reasonable expenses incurred in connection with a kidnapping, an extortion threat, a hijacking, a political threat, or wrongful detention including:
- Fees of an independent negotiator.
- Fees of an independent public relations rm.
- Interest incurred for a loan taken for a ransom or an extortion payment.
- Reward payment to an informant.
- Salary of the abducted employee.
- Salary of temporary replacement worker.
- Consequential personal financial loss.
- Reasonable medical, cosmetic, psychiatric, and dental expenses incurred following the release of the abducted employee.
- Reasonable rest and rehabilitation costs following release.
- Independent security guard services.
- Legal liability coverage — Our policy provides defense and indemnity in the event of a lawsuit alleging negligence on the part of our customer in a hostage retrieval operation or in the prevention of a kidnapping.
- Accidental death and dismemberment — Our policy includes a life bene t in the event that an insured employee or relative dies during a kidnapping, hijacking, or wrongful detention or a payment in the event of mutilation or loss of sight, hearing, or use of limb.
- Product recall expenses — We also provide insurance for the reasonable expenses involved in transporting merchandise that must be withdrawn from the market, physically inspected, or destroyed due to an extortion threat to contaminate such merchandise.
- Professional crisis management — Chubb’s customer is never alone is a crisis situation. We help provide clients access to the professional services of The Ackerman Group or another security consultant of the customer’s choice.
- Policy limits up to $25 million are available.
- Worldwide coverage — Chubb’s policy reimburses covered losses that occur anywhere in the world.
In the event of a kidnapping or an extortion threat, Chubb customers have immediate access to the talents and resources of The Ackerman Group, one of the world’s preeminent independent international security consulting firms specializing in handling kidnapping and extortion crises.
The Ackerman Group can handle all aspects of a hostage recovery, including negotiations, liaison with law enforcement agencies, brie ng of hostage families, and conversion, protection, and delivery of ransom funds.
The Ackerman Group responds to a crisis immediately, providing expert advice and recommendations while working closely with the insured’s crisis management team. The Ackerman Group’s experience in handling crises and providing specialized corporate international travel services is unparalleled in the insurance industry. Chubb has partnered successfully with The Ackerman Group for nearly 25 years.