Kidnapping insurance is primarily used to protect a  business against the costs of kidnapping or extortion of a key person or business partner. However, it can also be used on a personal level, to protect a policy owner in the event of a kidnapping of a family member.

With more and more overseas travel, into less than friendly countries, Americans can find themselves in dangerous situations. Dealing with a kidnapping or extortion can be emotionally and financially crippling.

Kidnappings can happen anywhere: overseas, US soil, ships, airplanes etc. This is the reason you need to consider kidnapping insurance for your employees or business partner.

Kidnap Ransom Insurance, What Does It Cover?

These plans reimburse the policy owner for certain expenses incurred during the kidnapping ordeal.

A policy owner may apply for benefits up to,  their personal or corporate net worth.

Kidnapping Insurance can cover the following:

Kidnap – Taking of an insured person then making a demand for ransom
Extortion – Threatening the insured with injury, death, or abduction
Detention – Holding of the insured under duress
Hijack – Holding a person for a period of 6+ consecutive hours while traveling on a aircraft, motor vehicle or water bond vessel.

Ransom Insurance – Plan Highlights

Ransom Reimbursement
Loss of Ransom during delivery
Travel Expenses
Reward Payments
Loss of Income
Asset Protection
Crisis Response Team

Of Special Interest For The Employer:

Employee Income Protector: The costs incurred by the policy owner for the salaries of employees specially designated to assist in negotiating on an covered event. These are not to exceed 100% of the employee’s salary including bonuses and allowances. It also covers all other reasonable expenses solely and directly incurred in connection with such negotiations, provided that an itemized account of such employee’s time, services and expenses is provided.

Loss of Income: 100% of a kidnapped, detained, or hijacked insured person’s gross salary including bonuses, commissions, cost of living adjustments, pension and/or welfare contributions and allowances, which were contractually due at the time the covered event occurs and for 60 consecutive days following the release. Detention benefits will be limited to a period of 36 consecutive calendar months.

Who Can Use Kidnap Ransom Insurance?

Kidnapping insurance is a key component for high-income individuals, executives, missionary groups, educational institutions or any other entity that will require overseas travel or who may be a high profile target for kidnapping.

Take The Case Of…

A major international engineering firm won a bid for a design and building project in Iraq. This was great news for the firm, but not such great news for the HR and Risk Management Departments.

They had to scramble to find replacement group life, LTD, AD&D, medical, and kidnap & ransom insurance coverage for the employees being deployed, and of course the concern of war and terrorism was very important.

Summary

We offer a kidnaping insurance plan through Petersen International a coverholder for Lloyd’s of London. Contact us today for a confidential discussion about your needs. Our toll-free number is 888-636-2310 or complete the contact form.

At www.highincomeprotection.com we offer disability insurance, kidnapping insurance, and other high risk insurance plans.