Have you ever looked at your business travel insurance policy extensions? Some insurers throw in various bits and pieces such as (but not limited to) funeral expenses, childcare expenses, lost keys and kidnap and ransom. Whilst most, if not all, of these are useful covers to have, some of them such as kidnap and ransom include an inner limit which is arguably insufficient. They may also seek to exclude countries where this cover is most likely to be needed.
Due to the state of world affairs at the moment, kidnapping and hostages are rarely out of the news, especially in Syria. However, it’s not just Syria where hostages are taken. Kidnap is a lucrative business for terrorists, pirates and criminals the world over. In fact Syria wasn’t even in the Top 5 Kidnap Countries between January and June 2015; Nigeria topped the list with both India and Mexico featuring. (source – NYA International)
Although the UK Government has a strict policy against paying ransoms, other countries such as Germany and France have paid for the safe release of their citizens in recent years, although sums are rarely, if ever, disclosed.
So how can you protect your business? Well, first and foremost you or your employees could stop visiting the places where kidnapping is most prevalent. However, with ever more internationally operating companies trying to tap into new and developing territories this is not always possible.
Secondly you should think about taking out a Kidnap and Ransom policy, which could be of vital importance should you find yourself in such an unfortunate situation. These provide a limit for ransoms to be reimbursed to you, along with trained professionals on hand to guide you through any hostage situation.
Some Kidnap and Ransom policies also provide pre-travel advice. Meaning that if you’re visiting a country for the first time, or new warnings have been issued, the advising company will talk and demonstrate travel and safety advice through to your employees making sure they are aware of the dangers and how best to deal with them should they arise.
For further advice on these policies please do not hesitate to contact us on 01302 341 344.