There is ample evidence that the world remains a dangerous place and that kidnapping and extortion demands can victimize individuals and organizations in almost any country. As of mid-July there were no reports of his whereabouts. His abductors-at least six men wearing national police uniforms and armed with rifles and handguns-ignored Cordero's companions and dragged Cordero into their vehicle. He was kidnapped a few days earlier at 7:30 a.m., while on a bike ride with friends. She was luckier than Vincente Cordero III, 27, manager of Shogun Ships Co., a Philippines-based company that transports petroleum products. They were released hours later after the kidnappers contacted her husband, James Edward Moore, and received $143,000 cash and expensive imported watches as ransom. Her driver left the vehicle to inspect the damage and as he returned, several armed men entered the car, blindfolded the occupants and kidnapped them. Kidnapping has become almost a "cottage industry" in some parts of the worldĪlko Moore, the 27-year-old wife of an American businessman working in Manila, was on the way to a class at 8:30 on a May morning when a motorcycle struck her white Honda. Ransom monies Related expenses: salary, personal financial loss, medical costs, rest and rehabilitation, travel and accommodation, loan interest, reward, interpreter, forensic analysis, other reasonable and necessary expenses, recall expenses, business interruption etc.The need for kidnap/ransom & extortion coverage is growing.What does the cover include? The cover Includes:. Hijack - Illegal holding under duress of an insured person while travelling on any aircraft, motor vehicle or waterborne vessel.Wrongful Detention - Involuntary confinement by a government entity or insurgent organization.Extortion - Payment demands following a threat to injure, or kill an insured person damage property contaminate products divulge trade secrets or destroy electronic data by computer virus.Kidnap/Alleged Kidnap - A seizure or detention or carrying away by force or fraud of an insured person for the purpose of demanding ransom moneys.People tend to associate business extortion and kidnapping with global companies. ![]() Any company of any size can be a target for extortion threats against the company and its employees. Kidnapping for ransom money is also on the upswing. Need for the KRE Policy - World over, terrorist activities have been increasing substantially over the last few years. Kidnap and Ransom Extortion Insurance not only protects against financial loss but also provides the services of leading crisis management and security consultants, to manage incident on the policy holder’s behalf. ![]() Whilst the most vulnerable companies are those that have employees based or travelling overseas organizations which have high profiles, handle large amounts of cash, or work with sensitive information or technologies can be attached as well. Kidnap, Ransom and Extortion (KRE) PolicyĪs many as 25,000 kidnaps are reported each year in over 40 countries, mainly in Latin America, Russia and Asia, with the average ransom payment doubling in the last few years and some payment demands exceeding USD 50 million.
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