Extortion
A local security technology company in Minneapolis wins a contract to install surveillance cameras in a large outlet village. Shortly after the contract is awarded, they’re contacted by an unknown individual informing them they will be required to pay a $5,000 “protection fee” to ensure the cameras operate continuously.
Coverage
1st party coverage
Sub-limited cover:
- Additional expenses
- Expenses
- Extra expense
- Financial loss costs
- Ransom
- Ransom / in transit / delivery
3rd Party coverage
Judgments, settlements & defense costs
Crisis Consultant costs
Definition
Extortion means the making of illegal threat(s) either directly or indirectly to the policyholder to:
- (a) kill, injure or abduct an insured person(s); or
- (b) cause damage to or loss of real property and/or property; or
- (c) disseminate, divulge or utilise trade secrets or proprietary information including any personal, private or confidential data; or
