Kidnap & Ransom Insurance for Toy Companies
January 7, 2012 | Companies of any size can be a target for extortion threats against the organization itself and its employees, according to Benjamin Thrush, Vice President of Business Development at HUB International Northeast, the official insurance broker of the Toy Industry Association (TIA).
“In the toy industry, where overseas travel is a vital part of doing business, there are risks that need to be properly addressed,” said Thrush. “Managing the cost associated with an extortion threat can be enough to push a small- to medium-sized company to its financial limits.”
Kidnap and Ransom (K&R) insurance can provide coverage for:
- Extortion threats against the company’s merchandise, property, proprietary information, computer systems, and employees
- Hijackings, wrongful detentions, and political threats
- Reimbursement for ransom or extortion payments
K&R insurance will also cover expenses such as:
- Medical, cosmetic, psychiatric, and dental services
- Rest and rehabilitation costs
- Reward payments to informants
- Access to a public relations firm – to avoid a PR crisis and protect and secure the company’s image
- Salaries of employees and temporary replacement employees
- Accidental death or dismemberment coverage
- Optional emergency political repatriation expense coverage
- Access to crisis management expertise
Individual Kidnap and Ransom and Political Evacuation insurance policies are also available for individuals with significant assets who wish to protect themselves and their family, added Thrush.
TIA members who have questions or who would like a free analysis of their current insurance policies, may contact Benjamin Thrush at 212.338.2260. Additional information on HUB Northeast’s insurance offerings to the toy industry is available online at www.hub-tia.com.