Rapid urbanization has led people to compete amongst themselves. In their race to stay ahead of others, some amongst them stray off the straight path, and take recourse to malicious means. The mounting number of kidnaps and extortion cases around the world attest the spiteful acts of self centered people, who can go to any extent to get what they want.
This kind of global ambiance prompts individuals to take notice of their personal safety. Kidnap and ransom insurance has thus been devised to provide protection, when your safety or the safety of your close ones turns into a risk.
Kidnap and ransom insurance, also known as K&R insurance, had been especially functional in particular regions of the world. Countries like Mexico, Venezuela, Haiti, Iraq, Afghanistan, Nigeria etc. are marked as high risk areas where people are subjected to such threats. However, since kidnapping, extortion, wrongful detention, and hijacking have turned into a global phenomenon, K&R insurance is nowadays not limited to specific countries only.
As the name suggests, the kidnap and ransom insurance option provides assistance during abductions and extortion. Read along to know when your K&R insurance will lend you a helping hand.
How will kidnap and ransom insurance come to your aid?
A kidnap and ransom insurance will be able to help you in the following ways:- The insurance provider will compensate you, in case you have to pay a lump sum amount as ransom, or if you had fallen prey to cyber extortions.
- It even helps during negotiation, and arrangement or delivery of funds to the kidnappers and extortionists.
- It pays for the independent security guard services that you make use of. It even arranges the fees when you consult a security advisor or a crisis management consultant on your own.
- It provides financial compensation for the rehabilitation costs and expenses of the victims.
- It pays you for the independent legal expenses.
- It provides you assistance when a government or political terrorist is involved in kidnapping cases.
- K&R insurance also provides coverage for your personal financial losses.
- It will bear the costs, if the insured needs medical attention, post- release from the kidnappers.
- It even pays for the reward money that is given to the informers, provided the information is valuable, and leads to an arrest and conviction.
- It pays the insured for business interruptions as well.
- A kidnap and ransom insurance provides financial assistance to the family members, if the insured is killed or meets with accidental death during the kidnap.
- It helps out when the kidnapped person becomes permanently disabled, due to the atrocities meted out to him when he was held captive.
- Usually, the insured doesn’t need to pay any deductible, for this type of policy.
- Sometimes, K&R insurance even pays for the kidnap prevention trainings.
Who can be insured with kidnap and ransom insurance?
Nowadays, the leading corporations arrange for this type of insurance policies to protect their employees. The insured persons thus include:- The leading officials of the company like the CEO, directors etc.
- Other employees who might be working on a full-time, part-time, seasonal, leased or temporary basis.
- The volunteers or interns serving the corporation.
- The independent contractors working for the company.
- The relatives of the employees.
- The guests living within the company premises or in any of the worker’s home.
- Any other person abducted for the company.
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