The crime of kidnapping is on the rise and poses a risk to both individuals and businesses alike. It is estimated that kidnappers make over $500 million each year in worldwide ransoms. Depending on your personal or business situation, it’s worth considering purchasing kidnap & ransom insurance coverage to help protect your financial interests. While you never hope to need such protections, the reality is that they not only help cover your losses but also give you a greater sense of control.
Getting the Details
Kidnap and ransom insurance policies are usually indemnity policies, meaning that you or your business are reimbursed once a ransom has been paid. A ransom payout may be fatal when it comes to your bottom line. Kidnap and ransom coverages offer some peace of mind as you’re not having to bear the cost alone. Other possible benefits of this policy include the following:
- Death and dismemberment
- Medical expenses
- Crisis management professionals and other related services
As with many types of coverage, there are other factors that the proper insurance products can address.
Think carefully about yourself or your organization. You’ll see that kidnap and ransom insurance is a crucial element when it comes to remaining protected. Look for an insurer that can help you explore this risk and come up with real solutions that you can use.