What is Kidnap & Ransom Insurance?
Kidnappings of employees or their family members, as well as extortion, are real dangers for companies operating both in the U.S and overseas. Due to globalization, multinational companies need to prepare for these possibilities anywhere in the world.
Coverage can include:
Executive Officers of corporate insureds and their spouses considered direct insureds under the policy
Indemnity for Death and Dismemberment as a result of a kidnap, detention or hijack event
Immediate crisis response by leading security consultants and experts in crime risk management
Payment of fees and expenses for independent security consultant and public relations consultant, as well as payment of other covered costs, damages and defense costs
Defense and indemnity coverage in the event of a lawsuit alleging the insured was negligent in a hostage retrieval
Expenses paid for items such as fees of independent negotiators, interest costs incurred for loans taken for a ransom or extortion payment, salary continuation, consequential personal financial loss, reasonable medical/psychiatric expenses
Kidnap & Ransom Coverage
Political Repatriation Coverage
Why it’s smart to have Kidnap & Ransom Liability Insurance
The wife and teenage son of a branch manager of a U.S. bank were taken hostage. Her husband was told to drive to the bank and empty the teller drawers and the ATM machine. The kidnappers told him to leave the money by a large tree behind the bank’s parking lot — if not they would kill his family. After he handed over nearly $500,000 in cash, his wife and son were released, and the kidnappers escaped with the money.