keyman insurance - kidnap coverage

Submitted by Anonymous (not verified) on Fri, 11/09/2012 - 11:34

Who all are the keymen in a company? Does keyman offer coverage for kidnap and ransom as well?

Posted: 18 Nov 2012 04:27 Post Subject:

Does keyman offer coverage for kidnap and ransom as well?

This is usually added coverage that must be obtained in addition to other business risk coverage.

Who are key persons? Anyone who materially adds to the bottom line of the company is a key person. Someone without whose services, knowledge, or skills and resources the business would suffer would be in that category, too.

An easily replaced employee is not a key person, even if they are the only one performing that work, such as a Human Resources administrator, might not really be a key person. The CEO, CFO, COO, CTO, CIO, VP of Sales, VP of Manufacturing, on the other hand, those are key persons.

Posted: 19 Nov 2012 12:52 Post Subject: keyman and ransom

Kidnap and ransom is a separate form of coverage and Keyman is a separate form of insurance coverage. However, protection against kidnap and ransom can be included alongside a Keyman coverage. It all depends on the insurer though.

Posted: 27 Nov 2012 12:14 Post Subject:

You’re required to get two added coverage for kidnap and ransom along with the other business risk coverage.

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