Kidnapping Insurance
Kidnapping is a real threat that can happen to any business. This illegal act often targets wealthy U.S. companies and business travelers. Even if a ransom demand isn’t part of the kidnapping, it’s a stressful situation that can create unexpected costs and substantially impact a business’s bottom line.
What Is Kidnap and Ransom Insurance?
Kidnap and ransom (K&R) insurance is designed for those who travel to potentially high-risk regions of the world. K&R insurance is typically stand-alone insurance that can help protect your business from the financial impact of unexpected expenses related to kidnapping, extortion and ransom or illegal confinement. K&R coverage usually can pay money to kidnappers or extortionists, loss of ransom in transit, and other expenses suffered as a result of a kidnapping.
A typical K&R insurance policy may cover costs that include:
- Extortion—Demanding money with the threat to injure or kill an individual, damage property or divulge trade secrets.
- Hijacking—Holding an individual for some time against their will on an airplane, motor vehicle or ship.
- Kidnapping and ransom—Seizing an individual intending to demand money for the individual’s safe return.
- Wrongful detention—Confining an individual against their will for reasons other than kidnapping, often by a government or quasi-government entity.
Who Can Benefit From K&R Insurance?
Businesses that operate or send employees to high-risk areas may want to consider this niche coverage. A K&R policy may benefit financial institutions, nonprofit organizations, and private and public companies. Generally, if you risk sending an employee or team to a particular part of the world, you may want to have this critical protection.
Get Your K&R Policy Today
K&R insurance can save your business from substantial out-of-pocket costs if a kidnapper or extortionist tries to demand money from your company. Get the optimized protection you need to keep your employees safe. Contact Stroud-Miller Insurance Service today to get started with coverage.