Protect Your Employees from Crisis
Kidnap and Ransom Insurance
|Kidnap and extortion is a legitimate threat for U.S.-based businesses. Unfortunately, in many parts of the world, these illegal acts have become a business in and of themselves, with sights set on wealthy U.S. companies and business travelers.|
In most cases, kidnappers take professionals captive to make a profit, releasing the individual once demands have been met. Since many overseas attacks are related to business, the need for kidnap and ransom coverage continues to grow. This is particularly true in areas where law enforcement has a blind eye to guerilla activity and in areas that are stricken by poverty. To combat financial losses in the event of a kidnap or extortion situation, Kidnap, ransom and extortion (K&R) insurance is a practical risk transfer option.
Kidnap & Ransom Insurance Coverage
|Kidnap and ransom (K&R) is an insurance policy for employees engaged in international business travel. It covers costs relating to events such as:|
Who Needs K&R Insurance Coverage?
|It is critically important that companies with operations operating overseas carry K&R insurance to protect their traveling employees. Kidnappers do not prefer larger companies over the small ones, which means any size international company should have a comprehensive K&R policy. In this business, everyone with money is considered a good target.|
The K&R coverage is particularly beneficial for employees who travel to regions of the world that are considered high risk. Countries with a consistently elevated rate of risk include Afghanistan, Brazil, Honduras, India, Mexico, Nigeria, Pakistan, Philippines, Somalia, Venezuela and South Africa.
|The premium for this type of coverage is generally based on the following:|