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KidnapInside the Ransom Business$
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Anja Shortland

Print publication date: 2019

Print ISBN-13: 9780198815471

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198815471.001.0001

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What is Kidnap for Ransom Insurance?

What is Kidnap for Ransom Insurance?

Chapter:
(p.63) 4 What is Kidnap for Ransom Insurance?
Source:
Kidnap
Author(s):

Anja Shortland

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198815471.003.0004

Kidnap insurance comes with stringent conditions and access to a range of services for kidnap prevention and kidnap resolution. The market is highly concentrated: there are only around twenty underwriters in this niche business area and all of them operate syndicates at Lloyd’s of London. They have created common protocols to manage adverse selection and moral hazard among the insured and to order transactions across the legal/extra-legal boundary. These protocols are set, monitored, adapted, and enforced by a range of experts. The community of experts is small and cohesive and communication networks are dense. We observe a vibrant market for outstanding governance specialists. Good reputations and successful innovations ensure high incomes, but failures quickly lead to expulsion from the circle of trusted providers.

Keywords:   kidnap insurance, Lloyd’s market, syndicates, adverse selection, moral hazard, reputation

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