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Overview

Business travels are becoming more frequent, and while most are incident-free, kidnap, ransom, extortion, and detention are unfortunately an increasing threat to organizations and individuals around the world.  

AIG offers businesses tailor-made solutions to address these threats, giving them confidence to conduct their business safe in the knowledge that their exposure to these threats is reduced and there is expert assistance available in the event of a crisis.

This insurance cover aims for the earliest possible safe recovery of the victim and the fastest possible resolution of extortion incidents. We know from experience, however, that the impact on victims, their families and businesses can be long term and traumatic. This is why our coverage gives financial support and consultancy services to help business owners and families recover from a crisis.

Product highlights

Expert underwriting

AIG has been underwriting in this particular sector for over 30 years. We have more than 200 authorized underwriters writing the business globally. We have the knowledge and experience to provide flexible solutions depending on the needs of each client.

Highly reliable assistance

AIG provides access to prevention and response services from NYA International, a world leading specialist crisis response consultancy. NYA has the largest global specialist response team in the industry, all of whom is either full-time employees or exclusively retained. The company responds to around 80-100 cases of kidnap for ransom, extortion, detention, piracy, emergency evacuation and related security incidents globally each year. We also have unlimited security consultants expenses and 24-hour emergency response help line.

Unique response protocols

We retain the only response team of its kind that will deploy up to four consultants upon notification of an incident: two each to the company headquarters; and the incident location, providing AIG clients with maximum levels of support during the critical early stages of a crisis.

Worldwide cover

We understand that businesses are located and transact, globally. We also understand that individuals travel more frequently for both business and pleasure. AIG provides a global form offering consistent and compliant cover, wherever the client operates from. Our policy is an umbrella policy; we don’t add unnecessary restrictions into our wording so the destinations your employees travel to are covered.

Who is it for?

Kidnap and Ransom insurance are for travelers with a heightened concern for safety and security.  This can be availed by corporations for their management team and other high-risk employees.

On the other hand, heads of households who have a similar concern may get coverage for their immediate and extended families as well. AIG creates a tailor fit insurance cover based on the individual needs of each client.

What is covered?

Kidnap and Ransom policy cover responds in the unfortunate incident of:

a)      Kidnapping or alleged kidnapping

b)      Extortion

c)       Detention

d)      Hijacking

Ransom/extortion payment

Ransom money paid by the Insured person resulting directly from kidnapping or extortion occurring during the policy period.                 

Lost ransom (Loss in transit of payment)

Loss due to destruction, disappearance, confiscation or wrongful appropriation of Ransom Monies while being delivered to person(s) demanding the Ransom Money by anyone who is authorized by the Insured or Insured Person(s) to have custody.

Response consultants

Guaranteed and immediate access to specialist response consultants who advise on the complex and sensitive issues that need to be addressed to obtain the safe release of the victim. The fees and expenses of the response consultants are unlimited following an insured incident.

Legal Liability

Settlements, awards, fees, defense costs, and judgments imposed upon and paid by the Policyholder as a result of any claim or suit solely and directly as a result of on Insured event.

Additional expenses

Public relations, reward, interest, travel, rest and rehabilitation, and medical services.

Accidental death and disability benefit

Death or dismemberment sustained by an Insured Person (s) (Death Benefit and Permanent Total Disability Benefit outlined in the Policy Schedule).

How to make a claim?

When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.

For claims associated with Kidnap, Ransom and Extortion, please reach out to your insurance broker to assist you. Due to the sensitivities related to this Claim, we encourage you to contact the Crisis Center Hotline.

Click below to learn about the necessary documents needed in order to submit a claim.

In the event of an Insured Event during the policy period, and in the case of Extortion, Kidnapping or Hijacking, prior to the payment of Ransom, the Insured will make every reasonable effort to immediately inform the Response Consultants and provide all relevant information as soon as possible.

In the event of an incident that may be covered under the Policy, a representative from the Insured should contact the CRISIS CENTER HOTLINE.

Crisis Management Consultants are available globally, 24 hours a day, 7 days a week on a priority basis to advise, assist and respond to emergency situations involving the Insured  worldwide.

Notification to the CRISIS CENTRE HOTLINE is independent of, and does not supersede, policy requirements of notice to the Company.

The 24-hour crisis response contact number for the CRISIS CENTER HOTLINE is:

International: +00 1 817 826 7000

Please have the insurance policy number when calling.  Callers will speak directly to or receive an immediate call back from an experienced consultant.

 

If you prefer to contact AIG Philippines’ Financial Lines claims team, you may contact:

Email: phlweserve_CML@aig.com

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