What is iTOO’s Kidnap and Ransom insurance?
iTOO’s Kidnap and Ransom insurance provides cover for corporations and individuals who suffer financial losses as a result of kidnapping, extortion and wrongful detention. With this cover, the policyholder is reimbursed for any money paid to kidnappers for ransom demands. Extra expenses are also covered including things like business interruption, additional expenses, personal belongings and accidental death and disability.
Why is kidnapping and ransom a big risk in South Africa?
South Africa has one of the highest kidnap incident rates in Africa. Communities have been targeted by certain criminal groups and syndicates, and the number of incidents is on the increase in the country. Between January and March 2023, 3641 kidnapping cases were recorded in South Africa, which is a 10 percent rise compared with the same period in 2022.
Statistics released in a report by the Global Initiative Against Transnational Organised Crime (GI-TOC) show that the number of kidnappings has grown alarmingly over the past year, with an average of 1 143 kidnappings per month reported during the first half of 2022. This is almost double the monthly average of 700 cases reported in 2021.
Do you have an example of when this kind of cover would apply?
A recent example is the incident of the Moti brothers, a kidnapping where four boys were snatched at gunpoint and released after three weeks after a ransom was paid. Our policy would respond by supplying the family with the security they need, and our consultants would be with the family throughout the whole process of negotiating a ransom. Once the ransom was paid, the iTOO policy would then reimburse the client.
How does iTOO’s policy differ from others on the market?
We have leading expertise with instant service via our online portal and a 24/7 crisis hotline. Currently reported cases stand at 15,343 in South Africa since 2022. Our Consultants have worked on over 55 cases in South Africa alone, not to mention the 356+ cases in Africa.Our consultants have extensive experience in countries such as Nigeria, Cameroon, Democratic Republic of the Congo, South Africa, Burkina Faso, Libya, Benin, Equatorial Guinea, Somalia, Mali to mention a few.
What is required when applying for iTOO’s Kidnap and Ransom cover?
To apply for this cover, we require a fully completed proposal form where we ask for the number of insured members to be covered, where they are situated and what their travel patterns are. For a corporate we would need their turnover figure and their asset worth. If it’s a family we would ask for their net worth in order to determine the limit they require.
What should you know about iTOO’s Kidnap and Ransom cover?
Our policy is not just a policy for kidnapping and ransom – we also provide coverage for express kidnapping, home invasion, natural catastrophe evacuation, political evacuation, threat and disappearance for up to 120 days, wrongful detention, workplace violence and hijacking. In the case of hijacking, we also provide cover for personal belongings and any medical expenses that may be needed. We also offer trauma counselling, virtual kidnapping, products extortion with regards to recall and stalking.
Why should a person choose iTOO?
We’re an expert underwriter and claims service. Our quality consultants have years of experience in the area, allowing our clients to have the freedom and security to
realise their goals by sharing any financial risk they may have in times of major uncertainty.