Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
The global marketplace is today’s reality in business. Facing a kidnap, ransom, or extortion scenario isn’t just a far-off idea — it’s a real concern. When you’ve got any wealth (whether real or perceived), the chances of being targeted increase, making these situations a reality that business owners and their risk managers must consider and prepare in advance for. Merely having the good fortune of owning a business or traveling on behalf of one can make you a target of such crimes.
Typical demands may involve money or company trade secrets. Criminals can seize any opportunity to exploit individuals for personal gain and may resort to kidnapping, ransom, extortion, or blackmail tactics to demand money or intellectual property.
One common misconception is that when businesses don’t travel or do business internationally, they do not need kidnap, ransom, and extortion insurance. The reality is that while international travel and locations do present a somewhat higher risk, unfortunately, kidnap and ransom occur regularly in both the United States and abroad. Likewise, extortion criminals operate anywhere and everywhere.
Even if your business has travel accident coverage for foreign travel as part of its insurance program, it could contain exclusions for kidnap, ransom, and extortion events and may exclude coverage completely in various countries.
A well-designed policy provides coverage worldwide (subject to policy terms and conditions) and will give your company 24/7, 365 access to crisis management professionals who deal with these issues worldwide full-time. Such firms will know how to negotiate for the safe release of kidnapped individuals, handle communications with law enforcement agencies, keep families briefed, handle all delivery of ransom funds, and arrange for safe travel home for all concerned following the ordeal.
Kidnap, ransom, and extortion insurance can provide coverage (subject to policy terms and conditions) for extortion threats against the company’s assets, including its inventories, if threatened. It can also offer expense coverage for hijackings, wrongful detentions, and repatriation expenses from political threat situations. Such policies will generally reimburse for any ransom or extortion payments made.
Given the often traumatic nature of such ordeals, a swift response is imperative. Knowing that your company already has a policy in place with qualified crisis management professionals on standby around the clock is a great relief for you as a business owner or risk professional.
Bottom line: All businesses should prioritize kidnap and ransom insurance to safeguard their assets. Prioritize your needs by contacting Rooney Insurance Agency to explore your options with the multiple insurers we represent for insurance coverage that delivers broad protection at fair premiums.
Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.
