Kidnap & Ransom

Canadians are some of the most traveled citizens of the world. While destinations featuring sunny beach resorts are always popular, many Canadians are venturing out to more exotic and non-traditional locations, both for business and for personal travel.  Unfortunately, most advisors hear of their client’s travel to high risk countries only after they return.  Don’t get caught off guard, be it a corporate or individual customer, the question of foreign travel should be included in every advisor’s client review.

While coverage such as travel medical are usually top of mind, others like Kidnap and Ransom Insurance, never make it onto their radar.  Recent events such as the kidnapping of Canadians in the Philippines and Libya have demonstrated some of the glaring security risks associated with international travel.  However, the existence of insurance products that can mitigate these risks is not widely known.

We insure:

  • Corporations with international exposure
  • Wealthy families
  • Individuals and families participating in mission trips
  • Young adults travelling post graduation or taking employment in foreign countries
  • Independent contractors consulting or working abroad for extended periods

Kidnap & Ransom coverage should be considered an important part of a well thought out travel risk management strategy.  To learn more about this product, view our video recording  “Kidnap & Ransom and Crisis Management 101“ or contact us directly.

Related Links:

Life and Health Professional:

Insuring the Unthinkable

The Insurance and Investment Journal:

Protect Your Clients with Kidnap and Ransom Insurance

FEATURE DETAILS
Structure: Kidnap and Ransom policies can be purchased under an Individual/Family or Corporate coverage forms and provide reimbursement of ransoms and expenses related to managing insured events such as:

  • Kidnapping
  • Extortion
  • Illegal Detention
  • Hijacking

Coverage can also be extended to the following insured events:

  • Hostage Crisis
  • Threat
  • Mysterious Disappearance
  • Express Kidnapping
  • Child Abduction
  • Product Recall and Destruction
  • Computer Virus Loss of Earnings
  • Business Interruption Loss of Earnings
  • Emergency Political Repatriation and Relocation

The most valuable benefit of insured coverage……
Constellis Crisis Response Services

In addition to reimbursement of ransoms paid and other financial costs associated with covered events, the most valuable benefit of a Lloyd’s Kidnap and Ransom policy is priority access to a dedicated Crisis Response Team, Constellis.

Constellis is the leading provider of risk management and operational support services to government and commercial clients worldwide. From security, crisis response and training to logistics, life support, and technology services, Constellis offers a wide range of capabilities to help clients operate safely and efficiently no matter where they are in the world.

When a crisis happens, knowledge and experience is key to saving lives.  The crisis team’s top priority is to ensure that the event is resolved with the safe return of the victim, all while managing the length of the crisis period and mitigating financial loss and the probability of recurrence.
Coverage Amounts: Limits of liability of up to $25 million.
Currencies: Canadian or US dollars
Premiums: Premiums are determined based on the specific risk profile of each case, namely worldwide travel, residency, net worth and occupation/industry subject to a minimum premium of $1,150.

Sample Cases:

Working Overseas

The daughter of an insurance broker moved to Malaysia to teach at a prominent private school and do some travelling through Asia at the end of the term. The parents were concerned about their daughter’s safety while abroad and purchased coverage on her behalf. We provided $500,000 limit of coverage with a Mysterious Disappearance Extension.

High Net Worth Canadian Family

Prominent business man with family of 5, two children in Canada and one in the US. Additionally, one of the children is a highly ranked junior athlete who travels globally for competition. Family travels extensively both for business and pleasure including USA, Mexico, South Africa and Europe. We provided a limit of $5,000,000 with Mysterious Disappearance included.

International Media Company

International media company that employs over 10,000 people worldwide with net assets in excess of $2 billion. Regularly covers stories that are highly politically charged and have been known to “embed” themselves with rebel groups. We were able to provide coverage for worldwide travel (including sanctioned countries) as well as extending coverage to any local national contractors with a $5,000,000 limit of coverage.

Church with Expatriate Missionaries

Canadian mega church with an operating budget of $1.3 million, regularly sends missionary trips as well as having expatriate families serving in Africa. We were able to customize the definition of Insured Persons to include serving missionaries, church members and volunteers. Provided $1,000,000 limit of coverage with Child Abduction, Hostage Crisis, Mysterious Disappearance, Express Kidnapping and Threat Endorsement included.

  1. – Please request a quote through our online submission form.  Submit the signed quotation along with the completed application. We will not consider an application without this.

  2. Complete an Individual/Family Application  or a Corporate Application Form – The required application forms will be provided to you with the quote.  Please print, complete and have your client sign it before submitting.
  3. Please provide any financial information specified in the quotation.
  4. Please ensure to provide detailed travel and/or residency information.  Include location, duration and frequency of travel for all proposed insured persons.  For corporate coverage, more general travel statements can be made e.g. “We send # employees to (city,country) 4 times per year for the purpose of *****”.  Provide details of any security measures utilized while in high risk countries.  Complete any other forms or questionnaires indicated as required in the quote illustration.
  5. Scan and email the Application, signed Quote (and/or any other required questionnaires) to info@hunmcc.com. This will ensure immediate processing.  Originals are not required.  Please keep them for your records.  If you cannot scan the documents, please fax or send a copy via Canada Post or courier to:
    Hunter McCorquodale
    145 Wellington Street W
    Suite 1200
    Toronto, ON
    M5J 1H8
    Fax:  (416) 322-6846
  6. Include a copy of your current license and E&O insurance certificate with the application if you are not contracted with us. We will initiate contracting upon receipt of your first application.

IMPORTANT INFORMATION:

  • We will not underwrite concurrently with another insurer.
  • Do NOT collect a premium with the application. There is no temporary insurance.
  • If the application is approved, the administrator will advise you how first payment may be made.