Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The January rescue by Navy Seals of U.S. aid worker Jessica Buchanan and her Danish co-worker in Somalia highlighted the problem of kidnapping for ransom in Third World nations. Upon hearing that story, many risk managers probably breathed a sigh of relief that they have kidnap and ransom coverage. That would be a mistake. “Most companies are doing a ‘B’ job in this area,” says Matt McKinley, principal at McKinley International Risk Management, a Malvern, Pa., broker. “Risk managers know there is some kind of K&R rider in their policy, but they don’t know what it does or what it covers. When they send people abroad, do those people even know what number to call if they get a note under the office door threatening to blow their office up if they don’t make some extortion payment?”

Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.