A fact we all know: The world is in a constant state of change. However, the rate of change has never been more rapid and unpredictable than it is today. More importantly, with the unending global change come new types of threats not before seen in many locations around the world.
The threat of kidnappings, cyber-extortion, political risks and random violence is on the rise. Incidents are no longer limited to the usual elevated-risk locations. Consequently, families and companies are at more risk in more locations than ever before.
Preparing and arranging family and/or corporate protection will never be a perfect science due to the constant changes in the global environment. Taking the proper steps and asking appropriate questions when considering the purchase of special contingency protection products is critically important.
That’s why working with an experienced advisor can make an enormous difference in the effectiveness of the coverage response, proactive protection guidance for your family or corporation and cost of the protection that you obtain.
Through providing and arranging kidnap, ransom and extortion protection products for high net worth clients of two global private banks since 2002, I have worked with a large variety of insurance carriers and crisis-response firms. This has allowed me to develop strong relationships and contacts in the special contingency insurance segment.
I have had a good friend in the business who lost his life due to his activities as a negotiator for a response firm. In addition, I have spent a lot of time speaking with clients who live in many of the higher-risk countries; and I have gained and maintained a good understanding of international risk environments.
Asking the appropriate questions when considering the purchase of special contingency protection products is critically important.
These experiences have given me strong insights on initial steps HNW families should take and appropriate questions they should ask when considering the purchase of new protection or reviewing their current special contingency coverage plan:
- Insurance carrier: Is the insurance carrier reputable and financially sound? What firm does the carrier partner with to provide security response?
- Policy form details: Intricate details in policy wording can make big differences when a claim occurs. What is the breadth of coverage? What types of events are excluded? Are there waiting periods? How exactly is a claim paid? Is cyber-extortion protection provided?
- Claims/events: How exactly does the claim process work? It is vital that clients understand the necessary steps in this process and that they review this process on an annual basis.
- Security response firms: Is the security firm reputable and is its professionals’ expertise truly global? Has there been frequent turnover within the teams working in-country?
- Confidentiality: This is paramount. How is client information protected? Are family members going to know that this coverage is in place? Are family names included on the policy documents?
These are just some of the important questions and details to consider when evaluating your special contingency and diverse types of security protection.
I have been providing comprehensive and unbiased reviews to assist clients with special contingency solutions for many years. I will be available to you for your family or corporation at your convenience, for a confidential consultation.