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 AIG Australia > For Businesses > Liabilities > Crisis Management > Kidnap and Ransom
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What is it?
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This policy provides protection to businesses and individuals against the threat
of extortion, kidnap for ransom, wrongful detention, hijacking and selected crisis
events. Cover is provided for such costs as ransom monies, business interruption,
personal financial loss, death and disability, judgments and settlements, crisis
consultants, extra expenses and several other optional endorsements. The extortion
component of cover extends to include personal extortion, property extortion, cyber
extortion and confidential information extortion.
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Why do you need it?
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In 2004 close to 15,000 cases of kidnap were reported globally, with many more unreported
due to the alarming scenario that local law enforcement officials are allegedly
involved in the abductions. Media reported cases of kidnapping occurred in 47 different
countries alone during August - October, 2005.
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And the threat is not just confined to kidnapping, with Australia having the unenviable
record of being one of the top 5 nations globally for cases of extortion. The reality
is that organisations have little or no control over the actions of disgruntled
staff, the general public, jealous competitors and marketplace terrorists.
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Who needs it?
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The most common victims of kidnap are local citizens of known substantial means
or foreign business representatives who are also believed to be wealthy. Areas of
concern include Latin America, Africa, former Soviet Union, Middle East, Indian
Subcontinent and South East Asia. Other organisations with high profiles, high worth
and those that work with sensitive information or technologies are also at risk,
irrespective of their travel, expat and offshore activities.
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Why use AIG Australia ?
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Our BusinessGuardTM Extortion Plus policy has many outstanding
features including,
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- One of the widest range of covers available in the market
- Local underwriters, local claims paying ability, local consultants
- 24 hour access to global crisis hotlines, manned by multi lingual staff
- Unlimited consultants costs, utilising an organisation that has managed over 1250
cases since 1979
- Free access to World watch website - real-time information on current security
issues in every country globally
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Find out more
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Contact us
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