Kidnap and Ransom (K&R) Insurance is not a new concept and evidence exists of this type of policy as far back as the 16th century. However, security threats in the world today are as wide ranging and unpredictable as they have ever been. Whether you are a large corporate organisation sending employees abroad or an individual looking to protect yourself and your family, keeping abreast of these threats is of critical importance. When considering protection, one should look for a solution which provides assistance beyond financial impact.
In line with Camargue’s M³ risk management philosophy, the Kidnap and Ransom product embraces the idea of providing an all-encompassing risk solution. The coverage offered by the policy extends far beyond just a kidnapping incident. Some of the other key events covered under the policy include detention, extortion, product extortion, disappearance and hijack, amongst others.
Contrary to popular belief, K&R is a reimbursement policy which would pay out to the client once a ransom has already been paid. However, the ransom amount is not the only financial protection afforded under this policy - cover also includes the ransom amount whilst en route to be delivered, unlimited response consultants fees and a host of additional expenses such as plastic surgery costs, loss of salary and child care costs.
Clients who purchase this product will have access to expert response consultants at Schillings. The Schillings team have a wealth of knowledge and experience with over 35 years of case histories to draw from. The team is made up of a diverse group of individuals who can provide crisis response consultants, intelligence experts, investigators, cyber specialists, risk consultants, lawyers and top people from the military, banking and government.
Not only would Schillings be available to the client in the event of a covered incident but also to provide risk mitigation advice to clients who wish to discuss security, geographical and political risk issues before embarking on any travels. Companies have a duty of care to their employees and may not even realise the threats which those employees face. Expert advice on the nature and mitigation of those threats may prove to be invaluable.
At Camargue we understand that knowledge of the existence of a K&R policy may in fact put the policy holder at an increased risk of being targeted and thus it is essential that confidentiality regarding the placement of the policy is maintained.
Click here for more information on Camargue’s Kidnap and Ransom product, or call us on 011 778 9140.