Extortion

Australia has one of the highest occurrences of extortion in the world. Extortion can affect all companies from large blue chip organisations to SMEs.

Extortion insurance can give your company protection from the direct costs and resultant damages of extortion that can run into millions of dollars.

Common extortion culprits may include disgruntled employees, bitter competitors, opportunistic criminals or computer hackers.

As a company, you have a number of legal obligations including your duty of care. Receipt of an extortion demand and failure to have adequate risk protection measures in place may see a breach in your Duty of Care, leaving you open to serious legal action.

Extortion insurance can give you the stability needed to build a bright future for your company. We strive to empower you with the confidence to succeed.

To find out more about Extortion Insurance and the implications for your business, please contact us on 1300 424 627.

Please Note: These are some of the more common insurance policy features, however, the list is not exhaustive and some features may not be offered by certain insurers. Please refer to the insurer-specific policy wording for inclusions, exclusions, terms and conditions.

Covered Features

Payment

Cover for the extortion payment.

Replacement of Extortion Monies

Cover for the replacement of lost, damaged, destroyed, confiscated, wrongfully abstracted, or vanishing extortion monies in transit prior to handover.

Incident Expenses

Cover for legal, medical and psychiatric expenses resulting directly from the incident.

Negotiator Expenses

Cover for the fees and expenses of negotiators where required.

Crisis Consultant

Cover includes the appointment of a Crisis Consultant who works with the insured to resolve the extortion event.

Hoax

If the extortion attempt is a hoax, costs and expenses incurred are still covered in most instances.

FAQ's:

If an extortion event ends up being a hoax, is it still covered under my insurance?

We do not expect you to know at the outset whether the extortion event is legitimate or not. Based on this we recommend that you notify your insurer immediately. Most policies will not stipulate that the extortion must be ‘real’ for the policy to respond.

The two elements that will trigger the policy are as follows: there must be a demand for payment from the extortionist and there needs to be communication of a threat if the payment demanded is not made.

We always recommended that you refer to your policy wording for exact terms and conditions.

Extortion

Australia has one of the highest occurrences of extortion in the world. Extortion can affect all companies from large blue chip organisations to SMEs.

Covered Features

Payment

Replacement of Extortion Monies

Incident Expenses

Negotiator Expenses

Crisis Consultant

Hoax

FAQ's:

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