Crisis Response: Understanding the Kidnap, Ransom & Extortion Insurance Claims Process
Author: Joe Szary: Divisional Assistant Vice President, Great American Fidelity / Crime
In times of crisis, working with a reliable and experienced team can make all the difference. Kidnap, Ransom & Extortion (K&R) insurance is designed to provide critical support and financial protection during some of the most challenging and high-stakes situations an individual or organization can face.
In this article, we address the intricacies of the K&R insurance claims process, highlighting the importance of a dedicated claims department, the capabilities of Great American’s K&R insurance team, and the streamlined communication and claims submission process that ensures swift and effective response when it matters most.
Why is it important to have a dedicated claims’ department for Kidnap, Ransom & Extortion insurance?
A Kidnap, Ransom & Extortion claim can be one of the most sensitive and emotional types of insurance claims an Insured can make.
A dedicated Claims Department, such as our own, with knowledge and experience in handling Kidnap & Ransom claims allows the adjuster to help guide the Insured through the claims process so the Insured’s focus can be on the safety and security of those impacted by the event.
What is Great American’s Kidnap, Ransom & Extortion insurance claims capabilities?
Great American’s Fidelity / Crime Division works with Control Risks, a global specialist risk consultant, to provide Insureds with 24-hour / 365-day access to Control Risks’ threat assessment and response capabilities.
Control Risks has offices in every world region and in every time zone. We will work with Control Risks to help Insureds navigate threats to harm Insureds and their businesses including kidnapping, extortion, child abduction, and detention matters.
How can a Fidelity / Crime client communicate with your team or file a claim?
Fidelity / Crime’s business relationship with Control Risks allows the Insured’s initial call to Control Risks to act as the claim notification to us. This way, the Insured can focus on resolving the incident at hand without having to worry about complying with any policy notification requirement. Any report issued to the Insured by Control Risks can also assist the Insured in documenting the existence of a claim to our team. This is important because incidents can occur where law enforcement or other authorities do not exist or are not readily available. Our Fidelity / Crime claim’s team is available through any method that is most convenient to the Insured.
What is the typical process for submitting a Kidnap, Ransom & Extortion claim with Fidelity / Crime?
Our claim process, together with the expert guidance provided by Control Risks, is designed to provide immediate assistance to Insureds for covered Insured Events that are both foreign and domestic. Here’s how:
- Immediately after receiving a call, Control Risks acts to provide the Insured with initial guidance in navigating the incident.
- Simultaneously, a code name is generated and used in all Great American communication to protect the confidentiality of those involved. Often, Control Risks generates a report which documents the factual circumstances surrounding the incident and provides recommendations to the Insured.
- As a reimbursement policy, Fidelity / Crime’s Claims Department works with the broker and Insured to provide guidance on what documentation may be needed to support any claim for expenses under the policy. Upon receipt of the necessary documentation, the Insured is reimbursed by Great American for any covered expenses.
Your Partner in Crime®
Since 1995 we’ve been insuring clients from crime related losses. We have a depth of experience in both underwriting and claims that is unmatched in the marketplace. Discover how our specialization and expertise provide the advantage to address your unique needs.
