Kidnap-for-ransom situations have commonly been known to occur in areas of political strife and poor law enforcement. Africa in particular has, in recent surveys, accounted for approximately a quarter of global kidnappings with Nigeria, Kenya, Libya and Mozambique being most significantly affected.
Whilst most victims in the past were wealthy local businessmen and their dependants, foreign nationals have also been targeted and, with the progressive rise of the global economy, continue to be targeted. In addition, the factions perpetrating these crimes are moving across borders into neighbouring countries sometimes partnering with criminal elements in countries further afield to achieve their financially or politically motivated aims.
- Choice between Corporate Protection for Named Insured only OR Corporate Protection wherein Insured Person is defined so as to include the family, employees or guests of the named Insured as well as personnel employed to negotiate/deliver a ransom for the release of an Insured Person.
- Reimbursement of ransom monies paid or lost in transit.
- Reward for information that directly assists in negotiations and/or release of victim or conviction of responsible parties.
- Fees for professional support services incurred prior to and within 36 months of release. Travel costs to return victims to their “home” country.
- 100% of gross salary of victim and/or family member involved in negotiations for up to 60 days after release and in the case of detention for up to 72 months
- Costs & expenses incurred in retraining the victim for his job (including payment of victims salary during period of retraining.
- 100% of gross salary of a temporary replacement for the victim within the corporation.
- Virtually any costs associated with obtaining the release of a victim or incurred during and as a direct result of an insured event.
- Costs for cosmetic surgery to correct permanent disfigurement resulting from insured event.
- Legal liability of the insured company for damages claimed as a result of an insured event.
- Losses for personal accident leading to death of bodyguard and/or vehicle operator will be 20% of limit and in addition thereto.
- Death benefit if the kidnap victim is not found within 36 months (subject to repayment should the victim subsequently be found alive).
Emergency Political Repatriation and Relocation of an Insured Person
- Costs of travel to and accommodation at nearest place of safety;
- Reimbursement of salary of insured person during repatriation for up to 180 days or until date of relocation;
- Personal effects of an insured person that are lost due to emergency repatriation.
Expenses due to an Express Kidnap
- Certain cover provided under the standard policy will be extended to situations where an Insured person is hijacked and held for a period of less than 6 hours.
Expenses due to an Investigation following a Disappearance
- Any reasonable expenses incurred to investigate the alleged disappearance of an Insured Person (to be reimbursed if disappearance was due to voluntary act by Insured Person);
- 100% of salary of person to replace Insured Person that has disappeared for up to 180 days;
- Counselling for Insured Person’s immediate family;
- Costs to repatriate the remains of an Insured Person if incurred within 30 days of disappearance;
- Excludes disappearances occurring within 24 hours of a natural weather phenomenon or if disappeared while in transit by air or sea.
Expenses incurred due to a Threat
- Murder, bodily injury, abduction or detention of an insured person and
- Damage, destruction or contamination of property.
Expenses due to Products Extortion (as defined in Policy)
- Expenses incurred in recalling, examining & destroying product involved in extortion;
- Loss of value or cost of making good products that are destroyed, disposed or sold as substandard due to carrying out of products extortion.
Loss of Earnings due to Cyber Extortion (as defined in Policy)
Loss of Earnings due to Extortion or Contingent Extortion
Loss of Earnings due to an Insured Event (including Contingent Extortion)
- Includes cover for loss of business earnings (as specified) due to an Insured Event or the making of illegal threats to damage property contiguous to the assured’s premises resulting in a closure of the Company’s premises as a result of an order from a civil authority to cease business activities.