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Kidnap-Ransom Insurance |
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Kidnap-Ransom Insurance An insurance policy providing coverage in the event that one is kidnapped and a ransom is demanded. For example, if a high level executive is kidnapped while visiting a branch office in a high risk area, a company that carries kidnap-ransom insurance on that executive will be reimbursed for the amount it spends providing ransom for him/her to the kidnappers. As with all insurance, one must pay a premium to receive the coverage. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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No references found | Cost of Kidnap, Ransom Insurance Soars in Gulf of Aden due to Pirate Attacks The cost of kidnap and ransom insurance for the Gulf of Aden has risen tenfold since 2008 due to increasing pirate attacks on ships, the pan-Arab daily AL HAYAT reported Thursday. More than 25 incidents of piracy have been reported in the Gulf of Aden so far this year, and ship owners have raised the issue with Chubb, a major underwriter of kidnap and ransom insurance. Marshall had to get kidnap and ransom insurance for everybody involved. |
Kidnap and ransom insurance |
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