Crisis Management

Crisis Insurance

Crisis insurances provide solutions to crises, where the financial security of insurance is only part of the equation. Problems such as Kidnap & Ransom, Terrorist Attacks, Product Recall and Event Cancellations require holistic solutions, which involve specialist negotiators and consultants and therefore specific solutions are tailored involving more than the financial risk transferred offered by traditional insurance.
The most prominent solutions available are:

  • Kidnap & Ransom: The coverage involves financial compensation and expert negotiation in case of kidnap and ransom. It is available to shipping companies, whose fleets travel in pirate ridden areas, companies whose executives travel in difficult areas and high-net worth individuals that could be targeted. The insurance solution is usually supported by expert negotiation teams, accessible at very short notice, and able to resolve such crises within short periods of time and in the most discreet manner
  • Terrorism: Terrorism solutions are available to protect real estate assets and revenues in case of terrorist attacks. Even though they are mostly utilized by high profile assets such as hotels, telecoms, utilities, and infrastructure services they are available to all businesses
  • Product Recall: With consumer protection very high on the agendas of developed economies product recalls have a dual impact on businesses. On one hand there is the cost of recalling/ destroying the defective product and on the other hand the damage done to the brand could hurt future revenues from the brand. Product recall solutions usually cover the
    cost of :

    • Recalling the defective product
    • Destroying the defective product
    • Media and crisis consulting
    • Brand re-building

      • They can also be extended to include Loss of Gross Profit for the interim between the recall and recovery in sales, within a pre-specified time-frame.

  • Event Cancellation: Event Cancellation insurance is particularly useful to companies that organize major events and promotions, such as concerts and exhibitions. Typically such events require considerable investment upfront, and their success depends on a multitude of factors, such weather and performance/health of actors, singers and sportsmen. If something goes wrong and attendance is unsatisfactory, the damage to the organizers could be substantial. Depending on the solution insurance coverage can be triggered by bad weather, non-attendance of major singer/ band, or health related issues.
  • Event Cancellation: Event Cancellation insurance is particularly useful to companies that organize major events and promotions, such as concerts and exhibitions. Typically such events require considerable investment upfront, and their success depends on a multitude of factors, such weather and performance/health of actors, singers and sportsmen. If something goes wrong and attendance is unsatisfactory, the damage to the organizers could be substantial. Depending on the solution insurance coverage can be triggered by bad weather, non-attendance of major singer/ band, or health related issues.