KIDNAP – EXTORTION – DETENTION – HIJACK

Kidnap, Extortion, Detention, Hijack. In the time it takes you to read this someone will experience one of these events

In the time it takes to read this, someone will experience one of these events.

Protecting Employees and Corporate Assets is Serious Business

As a company expands globally, so do exposures. Companies with overseas operations and executives or staff who travel internationally may be targets for kidnappers and extortionists.

Operating managers in any corporation face the daunting challenge of protecting valued employees and corporate assets. In most organisations, few people fully understand exposures such as kidnapping and extortion. But extortion, crime, and political instability are facts of life that corporate leaders must deal with when transacting business in an increasingly global and, unfortunately, hostile environment.

Economic Globalisation Equals Unprecedented Kidnapping & Extortion Risks

Although unprecedented global integration has created tremendous business opportunities for corporations, it is tempered by unprecedented increases in crime, including kidnapping and extortion. According to experts, two new kidnappings occur somewhere in the world every hour. Likewise, multinational corporations report, far too frequently, threats against employees from political terrorists and other groups. Corporate security directors are revisiting as never before the level of physical security they provide.

Like kidnapping and political threats, extortion risks are all too real:

  • Threat by a criminal to harm employees unless an extortion payment is received;
  • Threat by a terrorist to poison a food or drug product unless extortion payments are made;
  • Threat by a hacker to destroy electronic data unless a sizeable sum of money is paid.

As an industry leader in kidnap ransom and extortion insurance, Stening Simpson believes the best risk management strategy for these risks includes quality insurance coverage, sound risk management procedures, protocols and expert advice.

Stening Simpson Protection

Stening Simpson offers customers access to crisis management expertise which specialises in dealing with kidnapping and extortion threats and also offers essential information services for global business travellers. Customers gain access to Stening Simpson travel security alerts and terrorism and political stability concerns around the globe. Stening Simpson encourages insured’s to use this valuable risk management tool when making travel plans or business decisions.

Kidnap/Ransom and Extortion Insurance Features:

Kidnap/ransom coverage
Reimburse clients for property or other consideration surrendered as a kidnapping ransom payment. In addition, a ransom demand can trigger the expense coverage section of a policy to assist in dealing with the kidnapping.

Extortion coverage
Reimburses clients if they make an extortion payment to mitigate or remove a threat. The policy is triggered by an extortion threat to:

  • Damage or destroy any premises or tangible property located on the customer’s premises;
  • Contaminate raw materials or products of the customer;
  • Abduct, detain, or harm a customer’s employees or their relatives;
  • Disseminate, divulge, or utilise any proprietary information of the customer.

Cyber extortion coverage
Reimburses clients for an extortion payment made for cyber threats that threaten to:

  • Disseminate, divulge, or utilise a client record held by the customer;
  • Alter, damage, destroy, or render unusable data owned by the customer.

Political threat coverage
Provides insurance for politically motivated threats to harm a customer’s employees or their relatives by a person or group:

  • Acting as an agent of, or with approval from, any government or government entity;
  • Acting, or purporting to act, on behalf of any political terrorist or insurgent party.

Ransom delivery coverage
The policy insures the money or other consideration used to pay a ransom or extortion demand while it is being delivered.

Expenses coverage
The policy indemnifies the client for additional reasonable expenses incurred in connection with a kidnapping, an extortion threat, a hijacking, a political threat, or wrongful detention including:

  • Fees of an independent negotiator;
  • Fees of an independent public relations firm;
  • Interest incurred for a loan taken for a ransom or an extortion payment;
  • Reward payment to an informant;
  • Salary of the abducted employee;
  • Salary of temporary replacement worker;
  • Consequential personal financial loss;
  • Reasonable medical, cosmetic, psychiatric, and dental expenses incurred following the release of the abducted employee;
  • Reasonable rest and rehabilitation costs following release;
  • Independent security guard services.

Accidental death and dismemberment
The policy includes a life benefit in the event that an insured employee or relative dies during a kidnapping, hijacking, or wrongful detention or a payment in the event of mutilation or loss of sight, hearing, or use of limb.

Product recall expenses
Provides insurance for the reasonable expenses involved in transporting merchandise that must be withdrawn from the market, physically inspected, or destroyed due to an extortion threat to contaminate such merchandise.

To learn more about our Kidnap & Ransom Insurance and how it can protect you

For more information

+ 61 2 8019 7269
crisissolution@steningsimpson.com.au

Our Customers Say

I have known the Stening Simpson team since 1999; for over 20 years. Through our Company’s Surety Bond facilities arranged by Stening Simpson, the late Peter Stening, Elaine Simpson and David Wright have always been supportive to our Company, our Surety Bond providers’ relationships, periodic facility renewals and our many day-to-day Surety Bond requirements. The Stening Simpson team has always acted professionally, respectfully and with a high level of excellent customer service and care.

Frank I

Stening Simpson
2020-12-23T06:28:00+11:00

Frank I

I have known the Stening Simpson team since 1999; for over 20 years. Through our Company’s Surety Bond facilities arranged by Stening Simpson, the late Peter Stening, Elaine Simpson and David Wright have always been supportive to our Company, our Surety Bond providers’ relationships, periodic facility renewals and our many day-to-day Surety Bond requirements. The Stening Simpson team has always acted professionally, respectfully and with a high level of excellent customer service and care.
Stening Simpson introduced Surety Bonds into the Australian market over 30 years ago.  Their first facility was secured from overseas markets for the largest construction company at the time.  We regard Stening Simpson as one of the most professional Specialised Risk Brokers we deal with. They continue to manage the Surety Bond requirements of a number of major corporations throughout Australia

James D

Stening Simpson
2020-10-21T17:35:19+11:00

James D

Stening Simpson introduced Surety Bonds into the Australian market over 30 years ago.  Their first facility was secured from overseas markets for the largest construction company at the time.  We regard Stening Simpson as one of the most professional Specialised Risk Brokers we deal with. They continue to manage the Surety Bond requirements of a number of major corporations throughout Australia
Our business relationship commenced with Stening Simpson in 1993 at a time when our company and the Construction Industry was suffering low turnover levels and competitive margins.  Stening Simpson exhibited great skill and to a certain extent bravado in taking on our business at that time. This exemplified their understanding of the construction industry.

Stening Simpson conduct their business in a professional, courteous and business-like manner and we recommend their services.

Ravin R

Stening Simpson
2020-10-21T17:38:14+11:00

Ravin R

Our business relationship commenced with Stening Simpson in 1993 at a time when our company and the Construction Industry was suffering low turnover levels and competitive margins.  Stening Simpson exhibited great skill and to a certain extent bravado in taking on our business at that time. This exemplified their understanding of the construction industry. Stening Simpson conduct their business in a professional, courteous and business-like manner and we recommend their services.
Stening Simpson was appointed as our Specialised Risk Insurance Brokers in 1992 handling our entire worldwide insurance portfolio. Stening Simpson are the leading Surety Bond Brokers in Australasia.  They secured a substantial worldwide Surety Bond Facility for our operations which has had a positive impact on our business. We do not consider Stening Simpson as just a supplier instead they are an integral business partner that provides innovative services and a genuine commitment to the success of our company.  They have proved to be a company of exceptional integrity and extremely professional

John C

Stening Simpson
2020-10-21T17:39:05+11:00

John C

Stening Simpson was appointed as our Specialised Risk Insurance Brokers in 1992 handling our entire worldwide insurance portfolio. Stening Simpson are the leading Surety Bond Brokers in Australasia.  They secured a substantial worldwide Surety Bond Facility for our operations which has had a positive impact on our business. We do not consider Stening Simpson as just a supplier instead they are an integral business partner that provides innovative services and a genuine commitment to the success of our company.  They have proved to be a company of exceptional integrity and extremely professional
The Stening Simpson team have been valued clients of Australian Surety Corporation Pty Limited/AP Surety since our formation in 1994. We recognize them to be one of the most professional and highly reputable Specialised Risk Brokers on our books. We look forward to a long continuing working relationship with them.

Rodney R

Stening Simpson
2020-10-21T17:39:44+11:00

Rodney R

The Stening Simpson team have been valued clients of Australian Surety Corporation Pty Limited/AP Surety since our formation in 1994. We recognize them to be one of the most professional and highly reputable Specialised Risk Brokers on our books. We look forward to a long continuing working relationship with them.
We engaged Stening Simpson Group some 6 years ago. The longevity of this relationship being the product of their clear-thinking professional service.  They have always displayed an extensive and practical knowledge of their field with an eagerness to investigate and satisfy even our more obscure requirements which in the writer’s opinion is derived from the quality of staff whom Stening Simpson employ and the dedication of the Principals to obtaining the best result possible for the client. Stening Simpson could not be regarded more highly.

Scott I

Stening Simpson
2020-10-21T17:40:26+11:00

Scott I

We engaged Stening Simpson Group some 6 years ago. The longevity of this relationship being the product of their clear-thinking professional service.  They have always displayed an extensive and practical knowledge of their field with an eagerness to investigate and satisfy even our more obscure requirements which in the writer’s opinion is derived from the quality of staff whom Stening Simpson employ and the dedication of the Principals to obtaining the best result possible for the client. Stening Simpson could not be regarded more highly.
It is with great pleasure that I write to acknowledge our twenty five years association with the Stening Simpson Group.  Each year they review our insurance requirements and organise a full range of coverages for our company. This has always been done in a most competent and professional manner.  I thank all the staff of Stening Simpson whose diligent efforts on our behalf have made our association successful and enjoyable.

John L

Stening Simpson
2020-10-21T17:41:11+11:00

John L

It is with great pleasure that I write to acknowledge our twenty five years association with the Stening Simpson Group.  Each year they review our insurance requirements and organise a full range of coverages for our company. This has always been done in a most competent and professional manner.  I thank all the staff of Stening Simpson whose diligent efforts on our behalf have made our association successful and enjoyable.
Since 1979, JIB has enjoyed a close working relationship with the Stening Simpson Group.  The relationship grew to the extent that in 1993 a formal trading Agreement was signed between the two companies. The alliance gives clients a service unmatched by any other broker.

Stephen R

Stening Simpson
2020-10-21T17:42:00+11:00

Stephen R

Since 1979, JIB has enjoyed a close working relationship with the Stening Simpson Group.  The relationship grew to the extent that in 1993 a formal trading Agreement was signed between the two companies. The alliance gives clients a service unmatched by any other broker.
The Stening Simpson Group of Companies and the Principals have been well known to me for the past 5 years. During this time Stening Simpson Group have proved to be companies of very high integrity with a commitment to their clients, seldom seen in today’s Business and Finance world. I have formed the very definite opinion that Stening Simpson offer a service second to none.

Don K

Stening Simpson
2020-10-21T17:42:45+11:00

Don K

The Stening Simpson Group of Companies and the Principals have been well known to me for the past 5 years. During this time Stening Simpson Group have proved to be companies of very high integrity with a commitment to their clients, seldom seen in today’s Business and Finance world. I have formed the very definite opinion that Stening Simpson offer a service second to none.
The AFMA has dealt with Stening Simpson Group since 1992 during which time they have acted as our Broker for numerous indemnities.  AFMA has found Stening Simpson to be efficient, reliable and competitive.

Frank M

Stening Simpson
2020-10-21T17:43:15+11:00

Frank M

The AFMA has dealt with Stening Simpson Group since 1992 during which time they have acted as our Broker for numerous indemnities.  AFMA has found Stening Simpson to be efficient, reliable and competitive.
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