Kidnap & Ransom insurance is an extremely sensitive and confidential matter. Unlike many other classes of insurance, policies cover humans rather than just objects, and the consequences can be very traumatic. Losses or even threats can also be financially critical, especially for a business trying to operate without keystaff.
Unfortunately, the threat of a Kidnap & Ransom scenario is a very real one! There are a number of organized groups, terrorists, and politically motivated individuals intent on gaining financially or politically from a kidnap and ransom situation. Countries in Latin America, Africa and the Middle East tend to be regions that experience a higher incidence of kidnappings. Asia Pacific and certain countries in Europe have also had its share of events.
Where ever a kidnap for ransom or extortion incident occurs, it is vital to be able to depend upon the advice of a response consultant with experience and expertise in crisis management. Each case is unique but with the right response team, the effects of the kidnap, extortion, detention or hijack can be significantly reduced and the potential for a safe release of the victim increased.
This is why most importantly a K&R,E policy provides for a crisis management team to assist and facilitate the complex negotiations surrounding a n extortion or kidnap incident. The policy also covers for the payment of a ransom or extortion demand as well as the loss of a ransom in transit. Additional expenses such as translating fees, travel expenses, psychiatric care, informant rewards, the victims salary, loans and interest to raise a ransom, costs for security guards, forensic fees and not least the costs for rehabilitation or cosmetic/plastic surgery of the victim are covered by a K&R, E policy.
Every company with foreign subsidiaries, personnel abroad or a lot of overseas travel as well as wealthy families or individuals profit from a K&R, E cover.