Kidnap and Ransom Insurance
Kidnap and Ransom Insurance is a specialty crime coverage that insures against loss by the surrender of property as a result of a threat of harm to the named insured, an employee, a relative or guest of the insured or the insured’s employees.
What you need to know about Kidnap and Ransom Insurance:
Companies operating in today’s far-reaching worldwide markets face unique and sometimes dangerous situations. It is not unusual for a business and their employees to be the targets of a kidnap or extortion threat.
A kidnap and ransom policy purchased by a corporation can cover all employees and all of their immediate family member weather they are traveling for business or for pleasure.
A kidnapping or extortion threat may result in losses of hundreds of thousands or even millions of dollars, not to mention the potentially devastating impact on employees and their families.
Insurance companies that choose to accept the unique risk of kidnap, ransom and extortion, often enlist the services of well know, worldwide crisis management firms to aid when a threat takes place. The individuals doing the negotiations and hostage recovery are well trained, often former military professionals. They will offer 24 hour worldwide availability and access to risk forecasting. Almost nothing can prepare an organization to negotiate with kidnappers or extortionists. Professional assistance before, during and after a kidnapping or extortion can result in a successful outcome.