Kidnap, Ransom and Extortion Insurance. Who's at Risk?
Updated: Jun 19
Kidnap-for-ransom incidents are on the rise.
As travel bans relax, kidnap-for-ransom incidents are on the rise. You may have heard that a Canadian citizen and 16 U.S. citizens were kidnapped while on a missionary excursion near Port-au-Prince, Haiti. The ransom demands have not been made public, but the incident is proof that anyone is at risk.
This example is just one of an estimated 12,000 to 25,000 kidnappings that happen worldwide each year. And since many kidnappings go unreported, the number is likely higher. Kidnappers aren’t always looking for money; ransom demands range from cash to company trade secrets. Your job, economic status, affiliation or travel destination can put you or your family at risk for a kidnap-for-ransom incident.
Even cyberbullying straddles the kidnap-for-ransom realm. Virtual kidnappers contact their targets by phone and claim that they’ve kidnapped a family member. They use personal information (found online or through hacks) to scare them into paying their ransom demands. Before victims are aware of the fake, the virtual kidnappers have disappeared with the money. Even though no one is hurt, the trauma can belong lasting.
Kidnap, ransom and extortion insurance can’t prevent an incident, but it will respond with help for:
●Political and cultural consultants
●Psychiatric and aftercare support services
●Preventative response measures (crisis training and security risk analysis)
Of course, exclusions may apply when “do not travel” bans are issued or in known high-risk areas. Make it a priority to safeguard yourself, your family or your business. Call us at V.F. McNeil Insurance (203) 481-2684, or request an appointment online to learn more about kidnap, ransom and extortion insurance.