Petersen International Kidnap and Ransom insurance

Key Benefits of Petersen Kidnap and ransom Individual and Family coverage –

• Ransom Reimbursement: Underwriters will reimburse the ransom paid for a covered event.
• Personal Accident: Lump sum benefit for loss of limb(s), loss of sight, loss of extremity, permanent total disablement or death of the insured, solely and directly as a result of a covered event.
• Loss of Ransom During Delivery: The loss in transit of a ransom by confiscation, destruction, disappearance, seizure or theft while it is being conveyed, to those who have demanded it, by a person authorized to do so by the policy owner.
• Private Negotiator: Expenses for an independent negotiator engaged by the policy owner with the prior authorization of underwriters.
• Public Relations: Expenses of an independent public relations consultant and/or interpreter.
• Travel Expenses: Costs of travel and accommodation incurred as recommended by the Crisis Response Team.
• Psychiatric Expenses: Expenses for independent psychiatric, medical, and legal advice incurred prior to and within twelve consecutive calendar months of the release of the insured.
• Reward Payments: Reward paid by the policy owner to an informant for information which contributes to the resolution of the covered event.etc etc etc

• Kidnap: The taking of one or more of the insured persons captive by persons who then demand a ransom, specifically from the policy owners assets, as a condition of the release of the insured.
• Extortion: Threatening the insured with injury, death, abduction, or causing physical damage to or Loss of property.
• Detention: The holding under duress of an insured for whatever reason, other than Kidnap, such as political detention.
• Hijack: The illegal holding under duress for a period in excess of six consecutive hours of an insured while traveling on any aircraft, motor vehicle or waterborne vessel.

• Example of an actual kidnap and ransom case:
  • The International Engineering Firm. The company won a bid for a design and building project in Iraq. This was great news for the firm, but not such great news for the HR and Risk Management Departments.
  • They had to scramble to find replacement Group Life, LTD, AD&D, Medical, and Kidnap & Ransom Insurance coverage for the employees being deployed, and of course the concern of war and terrorism was very important.