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.
References in periodicals archive ?
Executive protection sometimes includes two controversial methods--bodyguards and kidnap ransom insurance. Each has benefits and drawbacks that security managers must discuss with corporate decision makers and attorneys.
The final security concern is kidnap ransom insurance. According to Cassidy, David Ltd., an insurance underwriter, the following standard conditions apply to all kidnap and ransom insurance policies: