Emergency Political Repatriation and Relocation.Protection of Assets from Illegal Demands.We offer a full range of cover, including: Our professional negotiators take action at the first sign of trouble, working to rescue hostages quickly and safely while protecting our clients from financial loss. In 2010, criminal gangs were believed to make $500 million a year from kidnap and ransom payments.Kidnap and Ransom insurance is often taken out by businesses operating in high-risk areas, or by individuals planning to travel through potentially dangerous countries. It is believed that an employee with knowledge of his K&R policy might begin to act differently, or even collude in his own kidnap for fraudulent purposes. One of the known paradoxes of K&R policies is that those who have them are often not aware, as it can be provided by an employer hoping to protect the company's assets. The major factors insurance underwriters weigh when considering a kidnap and ransom policy include the country of residence for the insured, the type of industry of the insured, revenue of the insured, and the travel patterns of any employees who may be covered by the policy. Some policies include kidnap prevention training. The policies may be written to cover high-profile companies, non-governmental organizations, C-Suite level executives or similar strategic individuals, or individuals who represent a local or multinational organizations. Even the most basic training for people traveling to dangerous places is not easily provided or is not obtained by small to mid-sized companies. These consultants provide advice to the insured on how to best respond to the incident. The policies also typically pay for the fees and expenses of crisis management consultants. Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping.Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion.Ransom monies – Money paid or lost due to kidnapping.Losses typically reimbursed by K&R insurance include: Central Asia is also seeing increasing numbers of incidents, particularly in Afghanistan and Iraq. Locations most often named in policies include Mexico, Venezuela, Haiti, and Nigeria, certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world. JSTOR ( November 2013) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "Kidnap and ransom insurance" – news Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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