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Where is the policy available? Is it admitted?
The policy is available nationwide and is admitted in all states except in South Dakota and Washington State.
What is the minimum premium?
The minimum premium is $1000.
What does the policy cover?
The policy covers the expenses associated with resolving a kidnap, extortion, product extortion, detention or hijack event where a ransom demand is made. These expenses may include ransoms, negotiators fees, medical expenses, salary expenses and legal liability expenses as well as a very broad range of other expenses a company may incur resolving an event.
What type of company or organization is eligible for coverage?
Any for-profit or not-for-profit company, association, religious organization or educational institution is eligible for coverage. Coverage is also available for high net worth individuals and families with the addition of a Family Conversion Endorsement. Government institutions are not eligible.
What is a Family Conversion Endorsement?
The Family Conversion Endorsement converts a corporate form to provide coverage tailored to individuals/families.
How do I obtain a quote?
Complete the application and submit through a licensed Agent/broker. We will contact your broker in 24-48 hours with either a quote or further questions, if necessary. Our simple, one-page application requires your company's name, address, business operations, annual sales/assets or deposits for financial institutions, the total number of employees, their locations and permanent and temporary travel locations.
Can I purchase a multi-year policy?
In most cases, the answer is yes. Policy terms can extend to up to three years.
Can a policy be purchased for a specific trip?
Yes. While most policies are written on an annual or three-year term, we do offer trip policies that expire at the end of the travel event.
Can your program cover a company with operations or employees in Iraq?
Companies with exposure in Iraq are eligible for coverage, but are subject to stricter underwriting guidelines. We cannot, however, offer the legal liability extension of coverage for companies operating in Iraq.
What features are important in considering a Kidnap & Ransom Policy?
- Comprehensive coverage for expenses the company and/or family may incur so the crisis can be managed effectively
- Experienced crisis management professionals who can respond quickly, bringing order and decision-making structure to what is a stressful and emotionally charged situation
- An insurance company with strong financials
What are the benefits of the Schinnerer/Great American Insurance Group Kidnap & Ransom policy?
Our policyholders benefit from:
- More complete coverage; the Schinnerer Kidnap & Ransom Insurance Policy is one of the most comprehensive of its type in the industry
- The security of a stable carrier; Great American Insurance Company, has received an A rating from A.M. Best, and is reinsured by Hiscox Syndicate 33, the worlds' largest provider of kidnap, detention and extortion insurance.
- Expert crisis management services; the fees for the services of our professional crisis management company, Control Risks, LLC are included in the policy.
Who is Control Risks?
Control Risks is the world's leading provider of crisis response services, specializing in international, political, business and security risk constancy. They have solely handled (they do not subcontract) over 1,200 Kidnap / Extortion cases in over 87 countries. They have 19 offices around the World including locations in Washington D.C., New York and Los Angeles.
Where do the most kidnappings occur?
Africa & the Middle East: 30%
Latin America: 26%
Asia & Pacific: 18%
Europe & Former Soviet Union: 18%
North America / Caribbean: 08%
Who are the most common types of victims?
Dependents: 27%
Business personnel: 23%
Tourists, aid workers, religious staff, sports & entertainment: 15%
Non-professional employees: 14%
Government officials and security forces: 08%
Journalists & related personnel: 06%
Ranchers: 04%
Project workers including engineers: 03%
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