- Business
- Individuals & Families
- Partnerships
Chubb’s Personal Accident cover is designed to respond swiftly and effectively in the event of an accident, and offers a lump sum payment.
Build your business by providing the protection your customers need – it’s insurance for the new possible.
The seamless, secure, and scalable engine behind new possibilities for your company and customers.
Travel insurance made easy.
Kidnap and Ransom Insurance
Kidnap protection
kidnappings take place around the world every year
in ransom money is paid to kidnappers annually
Risk scenario
Who it’s for:
- Publicly traded multinational companies
- Private firms sending executives overseas on business
- Financial institutions
- Non-profit organisations
- Educational institutions
What it covers:
Our kidnap, ransom and extortion policy provides comprehensive protection:
- Cover for your company directors and officers; full-time, part-time and temporary employees; independent contractors; relatives of employees; and guests on the company’s premises or in an employee’s home
- Reimbursement for kidnap, ransom or extortion payments
- Expenses such as ransom delivery, legal liability, an independent security consultant, business interruption, investigation expenses, and much more
- Access to risk management procedures and protocols, as well as expert advice to help you stay ahead of potential threats.
Services
The Ackerman Group
The Ackerman Group is a world-renowned security consulting firm retained by Chubb to support our clients. You can contact Ackerman for consultation on security procedures and crisis management for extortion and kidnap threats.
RISKNET™
RISKNET is Ackerman’s online risk forecasting service, analysing terrorism, crime and political stability risks in more than 90 countries. Features include:
- The Executive Digest, a news bulletin of breaking developments that could affect your travel and overseas operations
- Country summaries of current terrorism and crime threats, and politically unstable environments
- The Airline Guide rates airlines on terrorism, hijacking and bombing risk factors
- The City Guide covering more than 130 cities worldwide, it recommends the best way to get from the airport to town, how to travel about, and the safest hotels.
Kidnapped while travelling
Two expatriate oil surveyors were travelling alone by car along an unfamiliar road when they were stopped at a roadblock. Criminals, who were using the roadblock as a trap to rob passers-by, decided to up the ante when they recognised two foreigners and kidnapped the pair. One surveyor was released with a $5m ransom demand to take back to the company. The company selected its own security consultant, who was inexperienced and unfamiliar with the territory. The demand of $5m was ultimately paid. However, the negotiation of the safe return of the other employee took almost a year.
Ransom payment $5m, Expenses $500,000
Extortion threats from an anonymous source
A hotel company’s CEO received an anonymous letter threatening to blow up several hotels unless a payment of $1m was made. The letter appeared to be authored by a radical political group. Risk consultants were retained to analyse the letter and assess the level of risk. They advised that the risk should be taken seriously. The company heightened security measures at its hotels and with help from the local authorities, efforts were made, without success, to contact the extortionists. After four months another threat was made, and again contact was attempted. Eventually the extortionists stopped all communication with the company, and no further threats were made.
Extortion payment $0, Expenses $50,000
Chubb’s insurance policy responds to extortion threats to destroy, damage or contaminate a company’s property.
Abducted at home
The daughter of an executive living abroad was abducted from her home. The father was contacted by the kidnappers, who demanded $500,000 for her return. Fearing for his daughter’s safety, the father paid the ransom and she was released unharmed. When the executive’s company was informed of the incident, it called in its security consultant. The security consultant verified the incident and, in the process, concluded the family’s maid had been involved.
Ransom payment $500,000, Expenses $15,000
Chubb’s policy can extend coverage to an employee’s family members.
How to guard against global employee travel dangers
The spread of the Covid-19 pandemic across the globe at the start of 2020 brought business travel to a halt. As countries shut their borders and implemented lockdowns, travel plans were cancelled and employees encouraged to remain in their homes.