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 ?
Related: The Chalkboard: A look at kidnap and ransom insurance
Kidnap and ransom insurance is another tool to better manage the risks in nations where companies have expatriates employed or where corporate executives or celebrities are traveling.
The company has become a leading provider of marine kidnap and ransom insurance, offering a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.
Classic kidnapping, with a person snatched and held for ransom, has evolved into "express kidnapping," says Greg Bangs, product manager for crime, kidnap and ransom insurance at Chubb, "where people are grabbed, robbed and taken to an ATM, where they're forced to withdraw money, and then get dumped, often stripped and beaten.
Filming in South Africa, it's safe to assume Trevor and the gang had to take out kidnap and ransom insurance themselves.
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.
is making a significant expansion into the kidnap and ransom insurance marketplace.
Many now hold kidnap and ransom insurance policies for their players.
Marsh will provide risk consulting services and arrange insurance to manage risks associated with cross-border operations and investments, including political risk, currency inconvertibility, trade credit and kidnap and ransom insurance.
Crisis response coverage, or kidnap and ransom insurance as it is sometimes referred to, provides policyholders protection for ransom-related fees and personal belongings including items being carried or transported at the time of an express kidnapping, and possessions surrendered during the course of an express or other type of kidnapping.
In order to assist in these instances, most kidnap and ransom insurance provides crisis and risk management consulting on incident response, security and training to employees traveling abroad.