Chubb A Major Kidnap and Ransom Insurer in the Corporate Market
Chubb still a quality provider
Chubb still maintains it’s reputation as being a first rate insurance company in the corporate marketplace, and this also applies to the Chubb kidnap and ransom insurance offering.
Most good international kidnap and ransom insurance companies partner with an independent outside consulting / security company for services in case they are needed and Chubb partners with the Ackerman Group, which specializes in kidnap and extortion threats globally. The Ackerman Group has a good solid reputation. For being a Chubb client Chubb guarantees the services of the Ackerman Group. Many K&R insurance policies may tout the services of a famous negotiator, but in a crisis may be able to use another firm swapping one out for another. Read the fine print.
In addition to investigation and on the ground negotiation, Ackerman also provides Chubb with a proprietary service called Risk Net, an online database that provides threat profiles for the countries of interest to clients before they decide to travel to a country on business so they can make good decisions.
In addition to the “normal” kidnap and ransom insurance and extortion benefit, Chubb also offers clients a benefit called Cyber Extortion Coverage which can pay a benefit for a legitimate threat to destroy data such as a threat that a computer system will be hacked or hit with a virus if the company does not pay ransom money. Chubb can offer policy limits up to $25,000,000 but policy limits of more than $1,000,000 are not typical and often unnecessary in most countries where kidnap and ransom is a threat.
