Kidnap and Extortion for Ransom
In today’s uncertain political climate, conducting business internationally as well as within the boundaries of the United States, has become more dangerous. If you or your employees travel domestically or overseas, maintain offices outside of the United States or have trade secrets that are vital to the organization, you are vulnerable to kidnap or ransom.
Lloyds of London has estimated that out of the more than 30,000 reported kidnappings each year, over 70 percent are resolved by ransom payments. Even where no ransom is involved, expenses may include the fees for negotiators, investigators, attorneys, public relations professionals, forensic analysts, and security guards. In addition, there may be reward money, interest on loans and extensive medical costs not covered by traditional insurance plans.
CIS can provide Kidnap and Extortion for Ransom coverage to managed care organization on the Wrap+® policy, which covers Kidnap, Extortion, Illegal Detention and Hijack as insured events, and is extended for e-commerce extortion threats when accompanied by a ransom demand. Coverage includes access to a crisis response firm. Coverage automatically includes the benefit of a professional crisis response firm Special Projects and Services Limited (SPS), at no additional cost to provide emergency response services to Travelers’ insured clients.
Kidnap, Ransom and Extortion on Travelers Wrap+® policy covers Kidnap, Extortion, Illegal detention and Hijack as insured events and is extended for e-commerce extortion threats when accompanied by a ransom demand. Expense reimbursement is provided in addition to the policy limit, which includes investigative expenses, interest, salary, legal services and travel expenses. Coverage automatically includes the benefit of a professional crisis response firm, Olive Group, at no additional cost to provide emergency response services to Travelers' insured clients.
Travelers Wrap+® Financial Institution Bond for Insurance Companies with Extended Coverage
Kidnap and Extortion coverage is extended for e-commerce extortion threats when accompanied by a ransom demand (specific expenses including crisis response firm fees, after-care costs, salaries and rewards are provided in addition to and up to 50% of the limits of liability). Coverage automatically includes the benefit of a professional crisis response firm, Olive Group, at no additional cost to provide emergency response services to Travelers' insured clients.
Special Projects and Services Limited (SPS)
Established in 1991, SPS is a market leader in integrated security, medical and crisis response. Capable of delivering services across the world, SPS provides a discreet, confidential, and professional service, built around trusted first-hand experience of advising clients in complex crisis management and emergency response. For more information, feel free to visit their website (https://www.sps-global.com/).
"Nothing stated herein affects the terms, condition and coverages of any insurance policy or bond issued by any of the referenced insurers, nor does it imply that coverage does or does not exist for any particular claim or type of claim under any such policy or bond. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations."
Coverage underwritten by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183