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Kidnap and Ransom Insurance
Key employees which travel domestically and abroad are assets the company must protect from kidnap or extortion.
Coverage under this policy can be tailored for wealthy individuals and corporate executives.
According to a report released in December 2003 by the State Department's Bureau of Consular Affairs in Washington, there has been a rise in the kidnapping of Americans abroad since 2000.
Coverage under this policy is meant to cover the expenses of a kidnapping, such as ransom reimbursement, counseling fees, hostage negotiation fees and medical coverage for the victims. Corporate policies will pay for interpreters, lost salary, cost of hiring a replacement and travel costs. Some insurance companies will even offer coverage for the victim's cosmetic surgery if the victim's physical appearance has been altered due to torture.
This coverage is generally not discussed within the company as some insurance carriers require this coverage to not be disclosed to employees. Premiums are based on the travel of insured's and amount of coverage desired.
Contact Ben Miner at Financial Specialty at 214-468-8666 to discuss how this coverage and other Management Liability protection can best serve your needs.
Some additional information from a carrier writing kidnap and ransom insurance: http://chubb.com/businesses/csi/chubb979.html
